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CALGARY,
AB, Nov. 27, 2024 /CNW/ - Logan Energy
Corp. (TSXV: LGN) ("Logan" or the "Company") is
pleased to announce that, as a result of excess demand, it has
agreed with the syndicate of underwriters led by National Bank
Financial Inc. and Eight Capital as joint bookrunners and co-lead
underwriters to increase the size of its previously announced
bought-deal private placement financing (the "Equity
Offering"). Logan will now issue 61,644,000 common shares
("Common Shares") at a price of $0.73 per Common Share to raise aggregate gross
proceeds of approximately $45.0
million pursuant to the Equity Offering. It is anticipated
that certain directors, officers and employees of the Company will
subscribe for approximately $2.8
million of the Equity Offering. In all other respects, the
terms of the Equity Offering will remain as previously disclosed in
the November 26, 2024 press
release.
In connection with the Equity Offering, the Company also
announced yesterday that it had reached a definitive agreement to
acquire an operated 50% working interest in certain assets located
in the Company's core area at Simonette, Alberta and a 100% interest in certain
Simonette gross overriding royalties, for a cash purchase price of
$52.0 million, before closing
adjustments (the "Acquisition").
Closing of the Equity Offering will be conditional on the
completion of the Acquisition and other customary closing
conditions, including the receipt of all necessary regulatory
approvals, including the approval of the TSX Venture Exchange
("TSXV"). Closing of the Acquisition and Equity Offering is
expected to occur on or around December 17,
2024.
ABOUT LOGAN ENERGY CORP.
Logan is a growth-oriented exploration, development and
production company formed through the spin-out of the early stage
Montney assets of Spartan Delta
Corp. Logan was founded with a strong initial capitalization and
three high quality and opportunity rich Montney assets located in the Simonette and
Pouce Coupe areas of northwest
Alberta and the Flatrock area of northeastern British Columbia and has recently established
a position within the greater Kaybob Duvernay oil play with assets
in the North Simonette, Ante Creek and Two Creeks areas. The
management team brings proven leadership and a track record of
generating excess returns in various business cycles.
READER ADVISORIES
Forward-Looking and Cautionary Statements
Certain statements contained within this press release
constitute forward-looking statements within the meaning of
applicable Canadian securities legislation. All statements other
than statements of historical fact may be forward-looking
statements. Forward-looking statements are often, but not always,
identified by the use of words such as "anticipate", "budget",
"plan", "endeavor", "continue", "estimate", "evaluate", "expect",
"forecast", "monitor", "may", "will", "can", "able", "potential",
"target", "intend", "consider", "focus", "identify", "use",
"utilize", "manage", "maintain", "remain", "result", "cultivate",
"could", "should", "believe" and similar expressions. Logan
believes that the expectations reflected in such forward-looking
statements are reasonable as of the date hereof, but no assurance
can be given that such expectations will prove to be correct and
such forward-looking statements should not be unduly relied upon.
Without limitation, this press release contains forward-looking
statements pertaining to: closing of the Acquisition; the
completion of the Equity Offering and the terms and timing thereof
and use of proceeds therefrom; satisfaction
or waiver of the closing conditions to the
Equity Offering; and receipt of required regulatory and stock
exchange approvals for the completion of the Equity Offering. The
forward-looking statements and information are based on certain key
expectations and assumptions made in respect of Logan including
expectations and assumptions concerning the receipt of all
approvals and satisfaction of all conditions to the
completion of the Equity Offering. Although Logan believes that the
expectations and assumptions on which such forward-looking
statements and information are based are reasonable, undue reliance
should not be placed on the forward-looking statements and
information because Logan can give no assurance that they will
prove to be correct. By its nature, such forward-looking
information is subject to various risks and uncertainties, which
could cause the actual results and expectations to differ
materially from the anticipated results or expectations expressed.
These risks and uncertainties include, but are not limited to:
counterparty risk to closing the Acquisition and the
Equity Offering. The foregoing list is not exhaustive. Readers are
cautioned not to place undue reliance on this forward-looking
information, which is given as of the date hereof, and to not use
such forward-looking information for anything other than its
intended purpose. Logan undertakes no obligation to update publicly
or revise any forward-looking information, whether as a result of
new information, future events or otherwise, except as required by
law.
This press release is not an offer of the securities for
sale in the United States. The
securities offered have not been, and will not be, registered under
the United States Securities Act of 1933, as amended (the "U.S.
Securities Act")) or any U.S. state securities laws and may not be
offered or sold in the United
States absent registration or an available exemption from
the registration requirement of the U.S. Securities Act and
applicable U.S. state securities laws. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy,
nor shall there be any sale of these securities, in any
jurisdiction in which such offer, solicitation or sale would be
unlawful.
Neither TSX Venture Exchange nor its regulation services
provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
SOURCE Logan Energy Corp.