LOGAN ENERGY CORP. ANNOUNCES CLOSING OF PREVIOUSLY ANNOUNCED STRATEGIC MONTNEY ASSET ACQUISITION, EXPANDED CREDIT FACILITIES AND UPSIZED EQUITY FINANCINGS

Executive Summary

• Logan Energy Corp. closed its previously announced $62.5 million cash acquisition of Montney assets in Simonette, Alberta.
• The company completed upsized bought‑deal equity financings, issuing 95.9 million common shares at $0.73 each for approximately $70 million gross proceeds (including a $5 million over‑allotment).
• Expanded credit facilities with a syndicate of lenders increased the borrowing base to $250 million; net proceeds from the equity offerings will be used to repay indebtedness.

Key Details

• Acquisition: Purchase price of $62.5 M (pre‑closing adjustments) for Montney assets primarily in Simonette, Alberta.
• Equity Offerings – Public (Prospectus): 52,065,100 common shares issued at $0.73/share, bought‑deal basis.
• Equity Offerings – Private Placement: 43,836,000 common shares issued at $0.73/share, bought‑deal basis.
• Over‑Allotment Option: Fully exercised for an additional 2,448,000 shares (included in total), contributing $5 M of gross proceeds.
• Total Gross Proceeds: Approximately $70 M from both public and private components.
• Underwriter Fees: Cash fee equal to 4.0% of gross proceeds (except for certain president’s‑list purchasers, for whom no fee was paid).
• Use of Net Proceeds: To repay indebtedness under existing financing arrangements.
• Hold Periods: Private placement shares subject to statutory hold until July 11 2026; U.S.-issued shares subject to a 1‑year hold period (with possible resale on TSX‑V prior to 1 year per U.S. securities law).
• Related Party Participation: Directors/officers subscribed for 2,448,000 shares under the president’s list; transaction qualifies for MI 61‑101 exemption as participation does not exceed 25 % of market cap.
• Credit Facility Expansion: Syndicated lenders led by National Bank Capital Markets increased borrowing base to $250 M.
• Regulatory Status: Equity offerings conditionally accepted by the TSXV, pending final acceptance.

Notable Quotes

(No direct quotes were provided in the release.)