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Sunday, 10/09/2022 9:01:13 PM

Sunday, October 09, 2022 9:01:13 PM

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04:19 PM EDT, 08/22/2022 (MT Newswires) -- Cub Energy Inc. (KUB.V) on Monday said it closed the sale of its 100% interest in 3P International Energy Ltd. and its wholly-owned Ukraine subsidiary, Tysagaz LLC.

The consideration comprised $1 and the buyer assumed all liabilities of 3P International Energy and Tysagaz. Cub Energy CFO Eugene Chaban and COO Sergey Panchuk are the buyers.

In conjunction with the closing of the sale, Panchuk has resigned as Cub Energy's COO. Chaban will continue with Cub Energy as an officer and director post-closing.

Cub Energy noted that as at June 30, 2022, it had approximately US$7.4 million in working capital and is reviewing alternatives including returning the cash to shareholders as a dividend or other opportunities.