Liminar Boosts Crown Point Stake to 91% After Rights Offering

Liminar Energía has raised its stake in Crown Point Energy to 91% after buying 238.3 million shares through the company's rights offering, the Argentine holding company said Friday.

The purchase, at US$0.125 per share, cost roughly US$30 million. Liminar already owned 63.9% of Crown Point before the deal closed July 16.

The transaction gives Liminar control of about 285 million common shares. The company said it may adjust its position as market conditions change.

Crown Point, a Calgary-based oil and gas producer with operations in Argentina, raised the funds through a short form prospectus rights offering backed by a standby purchase agreement signed in May.