Pelicourt inceased its share in Cub Energy
Cub Energy Inc. (“Cub” or the “Company”) (TSX-V: KUB) announced today that its largest shareholder, Pelicourt Limited (“Pelicourt”), has informed the Company it has acquired additional common shares of Cub on the open market. Cub’s Chairman and Chief Executive Officer, Mikhail Afendikov, owns a 31% of Pelicourt, and Cub’s Senior Advisor, Robert J. Bensh, owns a 7% interest in Pelicourt, and is Managing Director of Pelicourt.
Pelicourt currently owns 123.3 million common shares of Cub representing approximately 39.5% of the issued and outstanding common shares of the Company. Of the Pelicourt holdings, Mr. Afendikov controls 38.2 million common shares of Cub representing approximately 12.2% of the Company’s issued and outstanding common shares. Through his interest in Pelicourt, Mr. Bensh controls 8.6 million common shares of Cub, representing approximately 2.8% of the Company’s issued and outstanding common shares.
Pelicourt has advised Cub that it intends to acquire additional common shares for investment purposes. The common shares will be acquired through the facilities of the TSX Venture Exchange. Pelicourt has indicated that they will review their holdings from time to time and that they may increase or decrease their position as future circumstances may dictate.
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