Blacksteel Energy Inc. acquired KAZ Acquisition Corp. on July 25, 2022. Under the terms of the Acquisition, Blacksteel issued 12,061,250 common shares, 4,292,500 Common Share purchase warrants and 481,500 finder's warrants to KAZ security holders. Each Warrant entitles the holder to acquire one Common Share at an exercise price of $0.05 on or before July 18, 2026. Each Finder's Warrant entitles the holder to acquire one Common Share at an exercise price of $0.10 on or before November 30, 2022. In a related transaction Blacksteel acquired marketable securities from iChurchill Inc. Blacksteel financed the acquisition through offering of up to 5,000,000 flow-through shares at a price of $0.09 per FT Share for gross proceeds of $450,000 and 5,000,000 Common Shares at a price of $0.08 per share for gross proceeds of $400,000. Blacksteel has completed an initial closing of the Offering through the issuance of 111,111 FT Shares and 13,750,000 Common Shares for total gross proceeds of $120,000.

Blacksteel Energy Inc. completed the acquisition of KAZ Acquisition Corp. on July 25, 2022.