Cobra Venture Corporation Provides Update on Proposed Reverse Takeover with Robinson Energy Limited

Executive Summary

• Cobra Venture Corp. is actively negotiating a reverse‑takeover (RTO) transaction with Robinson Energy Ltd., aiming to create a new combined issuer that will continue as a Tier 2 Oil & Gas issuer on the TSX‑V.
• Robinson has completed a private placement, raising approximately CAD $4.08 million, which will fund expenses related to the RTO, development of its PRL 62 petroleum licence in Papua New Guinea, and general working capital.
• Trading in Cobra’s securities remains halted pending completion of the transaction and required Exchange approvals.

Key Details

• The parties are working “in good faith” to finalize a definitive agreement for the RTO; no definitive terms have been disclosed.
• Upon completion, the resulting issuer will retain its TSX‑V Tier 2 Oil & Gas listing, subject to Exchange approval.
• Robinson’s private placement raised CAD $4,080,351.50 in gross proceeds. Use of proceeds:
• Expenses related to the RTO transaction
• Advancement of the PRL 62 licence (Western Province, Papua New Guinea)
• General working capital
• Trading of Cobra Venture Corp.’s securities has been halted under TSX‑V Policy 5.2 Section 2.5 and will remain halted until the transaction is resolved.
• Both companies provided contact information for further inquiries (Cobra CEO Daniel Evans; Robinson President & CEO J. Cameron Bailey).

Notable Quotes

• “The parties will provide further details in respect of the Transaction by way of updating press releases as the Transaction progresses.” – Statement from the joint release.