BOE Report

Coelacanth Energy announces completion of its $80 million bought deal financing

Calgary, Alberta–(Newsfile Corp. – November 15, 2023) – Coelacanth Energy Inc. (TSXV: CEI) (the “Company” or “Coelacanth”) is pleased to announce that, further to its press release dated October 23, 2023, it has closed its previously announced bought-deal financing (the “Bought-Deal Financing“) of 100,000,000 units of the Company (the “Units“) at a price of $0.80 per Unit for gross proceeds to the Company of $80 million. The syndicate of underwriters was led by Haywood Securities Inc., as sole bookrunner, and included Eight Capital, Cormark Securities Inc., ATB Capital Markets Inc. and Acumen Capital Finance Partners Limited.

Each Unit consisted of one common share in the capital of the Company (a “Common Share“) and one-third (1/3rd) of one Common Share purchase warrant (each whole Common Share purchase warrant, a “Warrant“) of the Company. Each Warrant entitles the holder thereof to acquire one Common Share at a price of C$1.05 (subject to adjustment in certain events) for a period of 12 months from the closing date of the Bought-Deal Financing.

The Company intends to use the proceeds from the Bought-Deal Financing for the Two Rivers East project, including completion of the 5-19 pad, plus related infrastructure, and for general corporate purposes.

 

Advisories & Contact
Forward-Looking Information

This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “may”, “will”, “should”, “believe”, “intends”, “forecast”, “plans”, “guidance” and similar expressions are intended to identify forward-looking statements or information.

More particularly and without limitation, this document contains forward-looking statements and information relating to the anticipated use of proceeds from the Bought Deal Financing. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company, including expectations and assumptions relating to prevailing commodity prices and exchange rates, applicable royalty rates and tax laws, future well production rates, the performance of existing wells, the success of drilling new wells, the availability of capital to undertake planned activities, the availability and cost of labour and services, and the receipt of all necessary approvals.

Although the Company believes that the expectations reflected in such forward-looking statements and information are reasonable, it can give no assurance that such expectations will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production, delays or changes in plans with respect to exploration or development projects or capital expenditures, the uncertainty of estimates and projections relating to production rates, costs and expenses, commodity price and exchange rate fluctuations, marketing and transportation, environmental risks, competition, the ability to access sufficient capital from internal and external sources and changes in tax, royalty and environmental legislation and other risks, uncertainties and factors set out under the heading “Risk Factors” in the Company’s (final) short form prospectus dated November 3, 2023 (and in the documents incorporated by reference therein) filed with the Canadian securities regulators and available on the Company’s issuer profile on SEDAR+ at www.sedarplus.ca. The forward-looking statements and information contained in this document are made as of the date hereof for the purpose of providing the readers with the Company’s expectations for the coming year. The forward-looking statements and information may not be appropriate for other purposes. The Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

For further information, please contact:

COELACANTH ENERGY INC.
Suite 2110, 530 – 8th Avenue SW
Calgary, Alberta T2P 3S8
Phone: (403) 705-4525
www.coelacanth.ca

Mr. Robert J. Zakresky
President and Chief Executive Officer

Mr. Nolan Chicoine
Vice President, Finance and Chief Financial Officer

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

THIS PRESS RELEASE IS NOT FOR PUBLICATION OR DISSEMINATION IN THE UNITED STATES. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/187478