Saturn Closes the Bought Deal Offering and Concurrent Non-Brokered Private Placement

Source: www.gulfoilandgas.com 3/10/2022, Location: North America

Saturn Oil & Gas Inc. has announced that further to the Company’s February 17, February 18 and February 28, 2022 press releases, it has closed its previously announced Bought Deal Offering and concurrent Non-Brokered Private Placement offerings (the “Offerings”). Pursuant to the Bought Deal Offering, the Company issued 6,141,000 units (“Units”) for $3.00 per Unit (including full exercise of the Underwriters’ over-allotment option) for gross proceeds of $18,423,000. Under the Company’s concurrent Non-Brokered Private Placement the Company issued 730,000 Units for gross proceeds of $2,190,000. Total gross proceeds raised under the Offerings was $20,613,000.

The Units issued pursuant to the Offerings were issued for $3.00 per Unit and consisted of one common share (a "Share") of the Company and one common share purchase warrant ("Warrant") of the Company. Each Warrant will be exercisable to acquire one Share for 36 months following the Closing Date, at an exercise price of $4.00.

The Company will direct the proceeds of the Offerings towards its recently closed Strategic Acquisition as well as drilling and completions work, working capital, and general corporate purposes.

Bought Deal Offering

The Bought Deal Offering was completed by way of a short form prospectus underwritten by Echelon Capital Markets Inc. as lead Underwriter and including Beacon Securities Limited, Canaccord Genuity Corp., Raymond James Ltd., and Velocity Trade Capital (collectively, the “Underwriters”). The Underwriters were issued 399,165 broker warrants (“Broker Warrants”) in connection with the Bought Deal Offering. Each Broker Warrant is exercisable into one Unit on the same terms as the Units (a “Compensation Unit”) at an exercise price of $3.00 for a period of 24 months from the Closing Date. Each Compensation Unit will be comprised of one Share (a “Compensation Unit Share”) and one common share purchase warrant (a “Compensation Unit Warrant”). Each Compensation Unit Warrant will be exercisable for one additional Share (a “Compensation Unit Warrant Share”) at a price of $4.00 per Compensation Unit Warrant for a period of 36 months from the Closing Date.

Concurrent Private Placement

The Concurrent Private Placement was completed to facilitate the participation of certain strategic European investors of the Company. The Shares and Warrants shares issued pursuant to the Non-Brokered Private Placement will have a hold period of four months and one day from the Closing Date in accordance with applicable securities laws.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.


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