Bluenergies closes warrant acceleration, settles debt

Executive Summary

• Bluenergies Ltd. completed the exercise of all 8,009,950 outstanding common share purchase warrants following their acceleration, generating approximately $6 million in gross proceeds.
• The company also settled $323,073 in advisory fees by issuing 216,715 common shares, bringing the total issued and outstanding share count to 72,549,915.
• The capital raised from the warrant exercises will be used to strengthen the balance sheet and support oil and gas exploration activities in the Harper basin fan play, offshore Liberia, in partnership with TotalEnergies.

Key Details

• Warrant Acceleration Trigger: The acceleration was triggered when the moving volume weighted average trading price of common shares on the TSX-V equaled or exceeded $1.50 for 20 consecutive trading days ending Feb. 10, 2026.
• Warrant Exercise Terms:
  • Original Issue Date: April 8, 2025.
  • Accelerated Expiry Date: March 12, 2026.
  • Number of Warrants Exercised: 8,009,950.
  • Exercise Price: $0.75 per common share.
  • Gross Proceeds Generated: $6,007,462.
• Advisory Fee Settlement:
  • Amount Settled: $323,073.
  • Shares Issued: 216,715 common shares.
  • Price per Share: $1.50.
  • Purpose: Settlement of cash payments for services rendered by an arm's-length adviser during 2024 and 2025.
  • Hold Period: Four months and one day from the date of closing.
• Post-Transaction Share Count: The total number of issued and outstanding common shares is now 72,549,915.
• Use of Proceeds: Strengthening the balance sheet and supporting continuing operations for oil and gas exploration activities jointly with TotalEnergies in the Harper basin fan play, offshore Liberia.

Notable Quotes

• "The company is pleased to confirm that all 8,009,950 warrants have now been exercised by the holders..."