CanCambria Energy Corp Announces Closing of Initial Tranche and Increase to Offering Amount
Summary
All securities issued in the Initial Tranche are subject to a hold period expiring on May 14, 2025.In connection with the Initial Tranche, the Company paid a cash finders fee in the amount of $184,555 (being settled in its next tranche) and issued 369,110 finders warrants (the "Finders Warrants"), equal to 7% of the Units sold pursuant to the Initial Tranche, with each Finders Warrant exercisable into a common share of the Company at a price of $0.75 per common share until January 13, 2028.Furthermore, the Company intends to increase (the "Increase") the amount of the Offering by an additional $1,225,000 (the "Additional Proceeds") through the issuance of an additional 2,450,000 Units, for combined gross proceeds of up to $4,725,000.As previously announced, the proceeds from the Offering (including the Additional Proceeds) are intended to be used to further advance the Companys 100%-owned Kiskunhalas Project in southern Hungary, and for general corporate purposes and working capital.With respect to the Increase, all other terms remain unchanged from the Previous Announcement. The closing of the Initial Tranche and any subsequent tranches of the Offering remain subject to receipt of all necessary regulatory approvals, including final approval by the TSX Venture Exchange (the "Exchange").The securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or any state securities laws and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act), except pursuant to an exemption from the registration requirements of those laws. With a globally experienced leadership team, CanCambria focuses on high-quality, de-risked projects with direct access to profitable markets. Leveraging industries most advanced technologies they aim to commercialize their flagship asset, the 100%-owned Kiskunhalas Project in southern Hungary, a significant gas-condensate resource in the heart of Europe. Without limiting the foregoing, such forward-looking information includes statements regarding the Offering, Companys business plans, expectations, capital costs and objectives.