Business
Criterium Energy Announces Closing of Equity Public Offering In Connection with its Transformative Acquisition of Mont D'Or Petroleum Ltd.
Calgary, Alberta--(Newsfile Corp. - November 7, 2023) - Criterium Energy Ltd. (TSXV: CEQ)&#...
About this update from Criterium Energy Ltd
[{"type":"text","content":"Criterium Energy Announces Closing of Equity Public Offering In Connection with its Transformative Acquisition of Mont D'Or Petroleum Ltd.Calgary, Alberta--(Newsfile Corp. - November 7, 2023) - Criterium Energy Ltd. (TSXV: CEQ) (\"Criterium\" or the \"Company\"), an independent upstream energy development and production company focused in Southeast Asia, is pleased to announce the closing of its previously announced upsized, underwritten public offering (the \"Public Offering\") of equity subscription receipts of the Company (the \"Equity Subscription Receipts\") for gross proceeds of approximately C$6.7 million. The Public Offering is being conducted alongside a Convertible Loan (as defined herein) for aggregate gross proceeds of approximately C$18.9 million to the Company, led by Research Capital Corporation (collectively, the \"Financing\"), and is in connection with the acquisition (\"Acquisition\") of all the issued and outstanding shares of Mont D'Or Petroleum Limited (\"MOPL\") pursuant to a sale and purchase agreement (\"SPA\"). The Convertible Loan is expected to be issued and completed concurrently with the closing of the Acquisition.The Financing consists of: the underwritten Public Offering of 60,910,000 Equity Subscription Receipts at a price of C$0.11 per Equity Subscription Receipt for gross proceeds of approximately C$6.7 million, pursuant to an underwriting agreement entered into between the Company and Research Capital Corporation, as the sole underwriter and sole bookrunner (the \"Underwriter\"), for the Public Offering. Each Equity Subscription Receipt entitles the holder thereof to receive, without payment of any additional consideration and with no further action on the part of the holder thereof, one unit of the Company (a \"Unit\") upon satisfaction of certain Escrow Release Conditions (as defined below) prior to the Escrow Release Deadline (being no later than the 90th day following the closing date or such other date as the Company and the Underwriter may mutually agree upon). Each Unit will consist of one Common Share in the capital of the Company (a \"Common Share\") and one common share purchase warrant (each, a \"Warrant\"). Each Warrant will entitle the holder to purchase one Common Share (a \"Warrant Share\") at an exercise price of C$0.14 per Warrant Share until the date that is 60 mont...