Record Resources arranges $500,000 LIFE offering

Executive Summary

• Record Resources Inc. announced a brokered, best-effort private placement offering of up to $500,000 in units at $0.06 per unit to fund strategic growth in Gabon, Africa, and for working capital.
• The company highlighted a strategic joint venture and Production-Sharing Contract (PSC) for the Ngulu block (Block C-7) in Gabon, where Record holds a 20% working interest, fully carried by a strategic partner who is also the operator.
• The offering includes warrants exercisable at $0.09 per share for 30 months, with net proceeds designated for the Ngulu block development, including seismic reprocessing and drilling commitments.

Key Details

• Financing Structure:
  • Type: Brokered, best-effort listed issuer financing exemption private placement.
  • Agent: Research Capital Corp. (Sole agent and sole bookrunner).
  • Price: $0.06 per unit.
  • Gross Proceeds: Up to $500,000.
  • Agent Commission: 8.0% of aggregate gross proceeds in cash.
  • Agent Warrants: Broker warrants equal to 8.0% of units sold, exercisable at $0.06 per unit for 30 months.
  • Closing: Expected week of Dec. 22, 2025, subject to TSX Venture Exchange conditional approval.
• Securities Terms:
  • Units: Each unit consists of one common share and one-half of one common share purchase warrant.
  • Warrants: Entitle holder to purchase one common share at an exercise price of $0.09 per share.
  • Warrant Term: 30 months following closing.
  • Over-allotment: Agent has an option to increase the offering size by up to 15% via written notice up to two business days prior to closing.
• Gabon Operations & Joint Venture:
  • Asset: Ngulu block (formerly Block C-7), offshore Gabon.
  • Area: 1,214 square kilometers (approx. 54 Gulf of Mexico blocks).
  • Working Interests:
    • Strategic Partner (Operator): 55% (Fully carries Record through commitments).
    • Record Resources: 20%.
    • Gabon Oil Company (GOC): 15%.
    • Republic of Gabon: 10% (Carried).
  • Commitments: Initial four-year term includes detailed geological/geophysical studies, 3-D seismic reprocessing, and drilling one shallow offshore well to total depth.
  • Renewal: Option to renew PSC for an additional four years.
• Asset Highlights:
  • Loba Field: Existing oil discovery drilled in 1976; 140-meter gross pay (70-meter net pay). Potential production of ~20,000 bbl/d based on offset fields.
  • Exploration Upside: Inventory of 28 mapped prospects (e.g., Lepidote Deep, Pompano Dentex complex, Palomite complex) analogous to Gulf of Mexico play types.
  • Strategic Partner: Highly experienced African operator; fully finances Record’s commitments on the Ngulu block.
• Future Plans:
  • Seismic reprocessing underway to enhance imaging.
  • Third-party resource report for the Ngulu block expected in Q1 2026.
  • Planning for appraisal/development drilling on the Loba field.

Notable Quotes

• No direct quotes from the CEO/President were included in the provided text.