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Criterium Energy Announces Restructured Transformative Acquisition of Mont D'Or Petroleum Ltd. and C$15.3 Million Financing, Led by a Strategic Investor
Calgary, Alberta--(Newsfile Corp. - September 22, 2023) - Criterium Energy Ltd. (TSXV: CEQ) ...
About this update from Criterium Energy Ltd
[{"type":"text","content":"Criterium Energy Announces Restructured Transformative Acquisition of Mont D'Or Petroleum Ltd. and C$15.3 Million Financing, Led by a Strategic InvestorCalgary, Alberta--(Newsfile Corp. - September 22, 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 restructuring of the acquisition of all the issued and outstanding shares of Mont D'Or Petroleum Limited (\"MOPL\") and proposed amendment to the sale and purchase agreement (\"SPA\"). Concurrently, the Company is also pleased to announce a C$15.3 million financing (the \"Financing\") led by Research Capital Corporation. The Financing consists of: an underwritten offering of 48,182,000 equity subscription receipts of the Company (the \"Equity Subscription Receipts\") at a price of C$0.11 per Equity Subscription Receipt for gross proceeds of approximately C$5.3 million by way of a short form prospectus in which the Company has today filed and been receipted for (the \"Public Offering\"). The Company will enter 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;a convertible loan in the principal amount of C$10 million (\"Convertible Loan\").If the Over-Allotment Option (as defined herein) and the Convertible Loan Option (as defined herein) is exercised in full for the Convertible Loan and Public Offering, the Company will receive aggregate gross proceeds of approximately C$17.6 million (US$12.8 mill...