BLUENERGIES ANNOUNCES COMPLETION OF WARRANT ACCELERATION

Executive Summary

• All 8,009,950 outstanding common share purchase warrants were exercised following an accelerated expiry, issuing the same number of new shares at C$0.75 each and generating C$6,007,462 in gross proceeds.
• The company settled a C$323,073 advisory debt by issuing 216,715 shares at C$1.50 per share, with a four‑month hold period on those shares.
• Proceeds will be used to strengthen the balance sheet and fund ongoing oil‑and‑gas exploration activities in partnership with TotalEnergies in the Harper Basin fan play, offshore Liberia.

Key Details

• Warrant Exercise: 8,009,950 warrants exercised; exercise price C$0.75 per share.
• Gross Proceeds: C$6,007,462 from warrant exercise.
• New Shares Issued (Warrants): 8,009,950 common shares.
• Settlement of Advisory Debt: C$323,073 settled by issuing 216,715 common shares at C$1.50 per share.
• Hold Period: Settlement shares subject to a four‑month and one‑day lock‑up from closing date.
• Total Shares Outstanding Post‑Transaction: 72,549,915 common shares.
• Use of Proceeds: Strengthen balance sheet; support ongoing oil & gas exploration with TotalEnergies in the Harper Basin fan play, offshore Liberia.

Notable Quotes

“The proceeds will strengthen the Company's balance sheet and support ongoing operations for its oil and gas exploration activities jointly with TotalEnergies in the Harper Basin fan play, offshore Liberia.” – Craig Steinke, CEO, BluEnergies Ltd.