Coelacanth Energy Inc. announced a non-brokered private placement of 1,875,000 units at a price of CAD 0.80 per unit, for aggregate proceeds of CAD 1,500,000 on November 15, 2023. Each unit consists of one common share in the capital of the company and one common share purchase warrant. Each warrant entitles the holder thereof to purchase one common share at a price of CAD 0.80 per share for a period of 60 months after closing of the offering.

The transaction is subject to all necessary regulatory and stock exchange approvals, including but not limited to approval of the TSXV. The securities issued pursuant to the offering are subject to a four month and one day hold period from the date of the closing of the offering, in accordance with applicable Canadian Securities law. The offering will be restricted to three key employees being the 2 newly promoted officers of Coelacanth, Chief Operating Officer and VP Drilling & Completions plus the recently hired Manager, Production.

The offering has been unanimously approved by the members of the Board of Directors of the company.