Cavvy Announces Warrant Exercise

Executive Summary

• Cavvy Energy Ltd. announced that 2652862 Alberta Ltd., an affiliate of Erikson National Energy Inc., exercised its common share purchase warrants at $0.6836 per share.
• The exercise generated approximately $3.5 million in gross proceeds, which will be used to repay existing debt.
• As a result of the issuance of 5,120,235 new common shares, Cavvy’s total outstanding common shares now stand at 295,975,505.

Key Details

• Warrants were originally issued to Erikson in 2019 as part of a debt financing arrangement when the company was known as Pieridae Energy Limited.
• Exercise price: $0.6836 per share.
• Gross proceeds from the exercise: ~$3.5 million.
• New common shares issued upon exercise: 5,120,235.
• Post‑exercise total common shares outstanding: 295,975,505.
• Use of proceeds: repayment of debt.

Notable Quotes

(No direct quotes were provided in the release.)