Distinction Energy Announces Closing of Private Placement

Source: www.gulfoilandgas.com 2/24/2021, Location: North America

Distinction Energy Corp. (formerly named Delphi Energy Corp.) is pleased to announce the closing of a brokered private placement and a non-brokered private placement (collectively, the “Offering”) of an aggregate of 265,331 special warrants of the Corporation (“Special Warrants”) issued at a price of $15.00 per Special Warrant for gross proceeds of $3,979,965. The Special Warrants were issued pursuant to, and are governed by, a special warrant indenture between the Corporation and Computershare Trust Company of Canada acting as special warrant agent on behalf of the holders of the Special Warrants. ATB Capital Markets Inc. (the “Agent”) acted as the sole agent for the brokered private placement.

Each Special Warrant is, subject to adjustments in certain circumstances, exercisable into one class A common share in the capital of the Corporation (each, a “Common Share”) without payment of any additional consideration.

All unexercised Special Warrants shall be deemed exercised on behalf of, and without any required action on the part of the holders (including payment of additional consideration) on the earlier of:

- the fifth business day following the date on which a final receipt is obtained from the Alberta Securities Commission, as principal regulator on behalf of the securities regulatory authorities in each of the qualifying jurisdictions, for a (final) long form prospectus (the qualifying for distribution of the Common Shares underlying the Special Warrants; and
- 4:30 p.m. (Calgary time) on June 25, 2021.

The Special Warrants and the Common Shares issuable upon exercise or deemed exercise thereof are subject to a statutory hold period which expires four months and one day from the date of issuance.

After giving effect to the Offering, there are 9,437,523 Common Shares and 265,331 Special Warrants issued and outstanding.


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