Cancambria Energy closes final tranche of financing

Executive Summary

• Cancambria Energy Corp. has closed the second and final tranche of its upsized, non-brokered private placement of units.
• The company issued 1,058,400 units at 52 cents per unit, generating gross proceeds of $550,368 for this specific tranche.
• In aggregate, the total offering across both tranches resulted in the issuance of 6,862,200 units for total gross proceeds of $3,568,344.

Key Details

• Tranche 2 Specifics:
  • Units issued: 1,058,400
  • Price per unit: $0.52
  • Gross proceeds: $550,368
• Aggregate Offering Details:
  • Total units issued (both tranches): 6,862,200
  • Total gross proceeds: $3,568,344
• Unit Structure:
  • Each unit consists of one common share and one share purchase warrant.
  • Warrant terms: Entitles holder to acquire one additional common share at an exercise price of $0.75 per warrant share.
  • Warrant expiration: Three years after the closing of the offering.
• Hold Period:
  • Units, shares, warrants, and any shares issued upon exercise are subject to a hold period of four months and one day.
  • Expiration date: December 6, 2025.
• Finders' Fees and Warrants:
  • Cash finders' fees paid for the second tranche: $21,322.
  • Aggregate cash finders' fees (both tranches): $174,320.
  • Finders' warrants issued for the second tranche: 41,004 non-transferable warrants.
  • Aggregate finders' warrants (both tranches): 335,232.
  • Finder's warrant terms: Entitles holder to acquire one common share at $0.75 per share, expiring August 5, 2028.
• Use of Proceeds:
  • Payment of the concession fee under the contract agreement for the Kiskunhalas hydrocarbon concession area with the Hungarian Ministry of Energy.
  • General working capital and administration purposes.
• Regulatory Basis:
  • Offered pursuant to available prospectus exemptions under National Instrument 45-106, Prospectus Exemptions.

Notable Quotes

• "We are very pleased by the strong investor support for this financing, which reflects confidence in our strategy and the overall potential of the Kiskunhalas project. The upsized offering provides us with additional working capital to appraise the Kiskunhalas hydrocarbon concession area in Hungary, and progress towards our operational and development milestones." — Dr. Paul Clarke, Chief Executive Officer