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Criterium Energy Announces Filing of Final Prospectus In Connection with Upsized C$18.9 Million Financing for its Transformative Acquisition of Mont D'Or Petroleum Ltd.
Calgary, Alberta--(Newsfile Corp. - October 20, 2023) - Criterium Energy Ltd. (TSXV: CEQ) ("Crit...
About this update from Criterium Energy Ltd
[{"type":"text","content":"Criterium Energy Announces Filing of Final Prospectus In Connection with Upsized C$18.9 Million Financing for its Transformative Acquisition of Mont D'Or Petroleum Ltd.Calgary, Alberta--(Newsfile Corp. - October 20, 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 that it has filed and received a receipt for its final short form prospectus (the \"Prospectus\") filed in each of the provinces of Canada, except for Québec, in respect of its previously announced underwritten offering (the \"Public Offering\") of equity subscription receipts of the Company (the \"Equity Subscription Receipts\"), led by Research Capital Corporation. 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 (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 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. The Company has entered into an underwriting agreement with Research Capital Corporation as the sole underwriter and sole bookrunner (the \"Underwriter\") for the Public Offering. Each Equity Subscription Receipt will entitle 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 (as defined below). 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 months following the satisfaction or waiver of the Escrow Release Conditions; anda convertible loan in the principal amount of C$1...