Vermilion Energy Inc. Acquires Common Shares of Coelacanth Energy Inc.

Source: www.gulfoilandgas.com 10/4/2022, Location: North America

Vermilion Energy Inc. ("Vermilion") has filed an early warning report (the "Early Warning Report") in respect of its holdings in Coelacanth Energy Inc. ("Coelacanth").

Vermilion has acquired ownership of, or control and direction over, additional common shares ("Common Shares") of Coelacanth in an amount equal to more than 2% of the issued and outstanding Common Shares, thereby triggering the requirement to file an early warning report, as a result of the following transactions (collectively, the "Transactions"):

Prior to the Transactions, Vermilion had ownership of, or control and direction over, an aggregate of 60,840,468 Common Shares, representing approximately 17.7% of the issued and outstanding Common Shares (and 62,285,272 Common Shares, assuming exercise of the Warrants, representing approximately 18.0% of the issued and outstanding Common Shares on a partially diluted basis). Following the exercise of all Coelacanth share purchase warrants and the Transactions, Vermilion now has ownership of, or control and direction over, an aggregate of 69,342,595 Common Shares, representing approximately 16.3% of the issued and outstanding Common Shares.

The Common Shares were acquired for investment purposes. Other than the Common Shares acquired pursuant to the exercise of the Warrants, all Common Shares were acquired in accordance the terms of the ASPP. Vermilion previously entered into the ASPP with a designated broker in order to mitigate the impact of dilution caused by the exercise, from time to time, of convertible securities of Coelacanth and/or to increase Vermilion's overall ownership position in Coelacanth. Vermilion may continue to acquire additional Common Shares pursuant to the ASPP.

Subject to applicable law and compliance with the terms of the ASPP, Vermilion will continue to review its holdings of Coelacanth's securities, and depending on market conditions, general economic conditions and industry conditions, Coelacanth's business and financial condition and prospects and/or other relevant factors, may increase or decrease its investment in the securities of Coelacanth.


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