QUÉBEC CITY, QUEBEC–(Marketwired – July 28, 2017) – Junex Inc. (the “Company” or “Junex“) (TSX VENTURE:JNX) announces that it has signed a settlement agreement with the Government of Québec (the “Settlement”) regarding the return of its exploration permits on Anticosti Island in light of its repurposing.
In connection with the Settlement, Junex will receive an amount of $5,533,606, which corresponds to the amounts invested by the Company in connection with its permits on Anticosti Island. In consideration of those permits, Junex is assigning the Permits to the Government of Québec, which is supporting the Municipality of Anticosti Island in its application to have Anticosti Island included on Canada’s Tentative List for World Heritage Sites under UNESCO’s Convention Concerning the Protection of the World Cultural and Natural Heritage. That process has been judged incompatible with oil and gas exploration activities.
“We have always believed in the strong hydrocarbon potential of our permits on Anticosti. Given the lack of infrastructure, our strategy was to attract a major industry player as a partner to develop that resource. The current position of the Government of Québec does not allow us to achieve that objective. With almost $15M in working capital, we will continue to focus our efforts on the development of our main asset, the Galt Project, where our goal is commercial production. Our team of professionals is seeking to develop energy solutions that respond to the needs of Quebeckers,” said Junex’s President and Chief Executive Officer, Mr. Jean-Yves Lavoie.
About Junex
Junex is a junior oil and gas exploration company that holds exploration permits on more than 2.1 million acres of land in the Appalachian basin in the Province of Quebec, including the Galt Oil Property on the Gaspé Peninsula in eastern Quebec, landholdings on Anticosti Island in the Gulf of St. Lawrence and landholdings in the St. Lawrence Lowlands between Montreal and Quebec City. In parallel to its exploration efforts in Quebec, the company operates a drilling services division.
Forward-Looking Statements and Disclaimer
Certain statements in this press release may be forward-looking. Forward-looking statements are based on the best estimates available to Junex at the time and involve known and unknown risks, uncertainties and other factors that may cause Junex’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. A description of the risks affecting Junex’s business and activities appears under the heading “Risks and Uncertainties” on pages 18 to 22 of Junex’s 2016 annual management’s discussion and analysis, which is available on SEDAR at www.sedar.com. No assurance can be given that any events anticipated by the forward-looking information in this press release will transpire or occur, or if any of them do so, what benefits that Junex will derive therefrom. In particular, no assurance can be given as to the future financial performance of Junex. Junex disclaims any intention or obligation to update or revise any forward-looking statements in order to account for any new information or any other event. The reader is warned against undue reliance on these forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Mr. Jean-Yves Lavoie
President & Chief Executive Officer
418-654-9661
Junex Inc.
Mr. Dave Pepin
Vice President – Corporate Affairs
418-654-9661
