Frontera Energy Corporation on Friday disclosed that it has entered into a term sheet for a US$20 million rights offering bridge loan that will enable CGX Energy to continue to fund its share of costs related to the Corentyne, Demerara and Berbice blocks, the Berbice Deepwater Port, and other budgeted costs in Guyana.
Frontera is the majority shareholder of CGX Energy Inc and joint venture partner in the Petroleum Prospecting Licences for the Corentyne and Demerara blocks offshore Guyana (the “Joint Venture”).
