MGM Energy Corp., a junior explorer focused on the Northwest Territories, is paying $170-million to EnCana Corp. for stakes in several assets, including a 60-per-cent position in the Umiak discovery in the Mackenzie Delta, found several years ago, that is the largest gas field uncovered in the area since the 1970s. MGM is financing the deal by selling new shares to investors, led by brokers RBC Dominion Securities Inc. and Cormark Securities. MGM (TSX) fell 4 cents to $3.56.
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