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Criterium Energy Announces Upsized C$18.9 Million Financing in Connection with Transformative Acquisition of Mont D'Or Petroleum Ltd., Led by a Strategic Investor
Calgary, Alberta--(Newsfile Corp. - October 4, 2023) - Criterium Energy Ltd. (TSXV: CEQ)&#x...
About this update from Criterium Energy Ltd
[{"type":"text","content":"Criterium Energy Announces Upsized C$18.9 Million Financing in Connection with Transformative Acquisition of Mont D'Or Petroleum Ltd., Led by a Strategic InvestorCalgary, Alberta--(Newsfile Corp. - October 4, 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, due to strong investor demand, it is increasing the size of its financing for aggregate gross proceeds of approximately C$18.9 million, led by Research Capital Corporation, 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 increased size of the financing consists of: an underwritten offering of 60,910,000 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$6.7 million by way of a short form prospectus (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$12.2 million (\"Convertible Loan\").(the Public Offering and the Convertible Loan collectively referred to as the \"Financing\" herein)The Financing is anchored by a strategic investor (the \"Strategic Investor\") participating for an aggregate of C$14.7 million, including the ...