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THE UNITED STATES
CALGARY, AB,
March 10, 2022 /CNW/ - Saturn Oil & Gas Inc.
(TSXV: SOIL) (FSE: SMKA) ("Saturn" or the "Company") is pleased to
announce that further to the Company's February 17, February
18 and February 28, 2022 press
releases, it has closed its previously announced Bought Deal
Offering and concurrent Non-Brokered Private Placement offerings
(the "Offerings"). Pursuant to the Bought Deal Offering, the
Company issued 6,141,000 units ("Units") for $3.00 per Unit (including full exercise of the
Underwriters' over-allotment option) for gross proceeds of
$18,423,000. Under the
Company's concurrent Non-Brokered Private Placement the Company
issued 730,000 Units for gross proceeds of $2,190,000. Total gross proceeds raised
under the Offerings was $20,613,000.
The Units issued pursuant to the Offerings were issued for
$3.00 per Unit and consisted of one
common share (a "Share") of the Company and one common share
purchase warrant ("Warrant") of the Company. Each Warrant
will be exercisable to acquire one Share for 36 months following
the Closing Date, at an exercise price of $4.00.
The Company will direct the proceeds of the Offerings towards
its recently closed Strategic Acquisition as well as drilling and
completions work, working capital, and general corporate
purposes.
Bought Deal Offering
The Bought Deal Offering was completed by way of a short form
prospectus underwritten by Echelon Capital Markets Inc. as lead
Underwriter and including Beacon Securities Limited, Canaccord
Genuity Corp., Raymond James Ltd., and Velocity Trade Capital
(collectively, the "Underwriters"). The Underwriters were
issued 399,165 broker warrants ("Broker Warrants") in connection
with the Bought Deal Offering. Each Broker Warrant is exercisable
into one Unit on the same terms as the Units (a "Compensation
Unit") at an exercise price of $3.00
for a period of 24 months from the Closing Date. Each Compensation
Unit will be comprised of one Share (a "Compensation Unit Share")
and one common share purchase warrant (a "Compensation Unit
Warrant"). Each Compensation Unit Warrant will be exercisable for
one additional Share (a "Compensation Unit Warrant Share") at a
price of $4.00 per Compensation Unit
Warrant for a period of 36 months from the Closing Date.
Concurrent Private Placement
The Concurrent Private Placement was completed to facilitate the
participation of certain strategic European investors of the
Company. The Shares and Warrants shares issued pursuant to
the Non-Brokered Private Placement will have a hold period of four
months and one day from the Closing Date in accordance with
applicable securities laws.
This news release does not constitute an offer to sell or a
solicitation of an offer to sell any of securities in the United States. The securities have not
been and will not be registered under the U.S. Securities Act or
any state securities laws and may not be offered or sold within
the United States or to U.S.
Persons unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such
registration is available.
About Saturn Oil & Gas Inc.
Saturn Oil & Gas Inc. is a growing Canadian energy company
focused on generating positive shareholder returns through the
continued responsible development of high-quality, light oil
weighted assets, supported by an acquisition strategy that targets
highly accretive, complementary opportunities. Saturn has assembled
an attractive portfolio of free-cash flowing, low-decline operated
assets in Southeastern
Saskatchewan and West Central Saskatchewan that provide a
deep inventory of long-term economic drilling opportunities across
multiple zones. With an unwavering commitment to building an
ESG-focused culture, Saturn's goal is to increase reserves,
production and cash flows at an attractive return on invested
capital. Saturn's shares are listed for trading on the TSX.V under
ticker 'SOIL' and on the Frankfurt Stock Exchange under symbol
'SMKA'.
Further information and a corporate presentation is available on
Saturn's website at www.saturnoil.com.
Reader Advisory
FORWARD-LOOKING INFORMATION AND STATEMENTS.
Certain information included in this press release constitutes
forward-looking information under applicable securities
legislation. Forward-looking information typically contains
statements with words such as "anticipate", "believe", "expect",
"plan", "intend", "estimate", "propose", "project", "scheduled",
"will" or similar words suggesting future outcomes or statements
regarding an outlook. Forward-looking information in this press
release may include, but is not limited to the use of proceeds of
the Offerings.
The forward-looking statements contained in this press release
are based on certain key expectations and assumptions made by
Saturn, including expectations and assumptions concerning: the
timing of and success of future drilling, development and
completion activities, the performance of existing wells, the
performance of new wells, the availability and performance of
facilities and pipelines, the geological characteristics of
Saturn's properties, the application of regulatory and licensing
requirements, the availability of capital, labour and services, and
access to and sufficiency of capital. Readers are cautioned
that the foregoing list is not exhaustive of all factors and
assumptions which have been used.
Although Saturn believes that the expectations and assumptions
on which the forward-looking statements are based are reasonable,
undue reliance should not be placed on the forward-looking
statements because Saturn can give no assurance that they will
prove to be correct. Since forward-looking statements address
future events and conditions, by their very nature they involve
inherent risks and uncertainties. Actual results could differ
materially from those currently anticipated due to a number of
factors and risks. These include, but are not limited to, risks
associated with the oil and gas industry in general (e.g.,
operational risks in development, exploration and production; the
uncertainty of reserve estimates; the uncertainty of estimates and
projections relating to production, costs and expenses, and health,
safety and environmental risks), constraint in the availability of
services, commodity price and exchange rate fluctuations, the
current COVID-19 pandemic, changes in legislation impacting the oil
and gas industry, adverse weather or break-up conditions and
uncertainties resulting from potential delays or changes in plans
with respect to exploration or development projects or capital
expenditures. These and other risks are set out in more detail in
Saturn's Annual Information Form for the year ended December 31, 2020.
The forward-looking information contained in this press release
is made as of the date hereof and Saturn undertakes no obligation
to update publicly or revise any forward-looking information,
whether as a result of new information, future events or otherwise,
unless required by applicable securities laws. The forward-looking
information contained in this press release is expressly qualified
by this cautionary statement.
Neither the 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 press release.
All dollar figures included herein are presented in Canadian
dollars, unless otherwise noted.
SOURCE Saturn Oil & Gas Inc.