Kolibri Global Announces Successful Completion of the Rights Offering Raising CAD$8.6M

Source: www.gulfoilandgas.com 1/4/2022, Location: North America

Kolibri Global Energy Inc. is pleased to announce the successful completion of its rights offering (the “Offering”). The Offering, which expired on December 29, 2021, raised gross proceeds of approximately CAD$8.6 million.

The Company intends to drill and complete two wells in its Tishomingo Field, Oklahoma, using proceeds from the Offering together with US$2,000,000 to be borrowed pursuant to a committed increase to the Company’s credit facility borrowing base if certain other conditions are satisfied, as set out in more detail in the Company’s rights offering circular dated November 23, 2021.

The Company issued a total of 32,017,670 common shares under basic subscription privileges and a total of 87,647,375 common shares under additional subscription privileges in the Offering. In addition, 3,571,428 common shares will be issued to Polygon Global Partners LLP (“Polygon”) pursuant to the Company’s Stand-By Commitment Agreement (the “Stand-By Agreement”) with Polygon, which will be in addition to the common shares acquired by Polygon under its basic subscription privilege and additional subscription privilege.

The total number of issued and outstanding common shares of the Company upon completion of the Offering will be 356,159,098.

The Company will disclose additional information regarding the number of common shares acquired in the Offering by new and existing insiders once that information is available.

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction. No offer, solicitation or sale of these securities shall be made in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.


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