CALGARY,
AB, Nov. 16, 2023 /PRNewswire/
- Vermilion Energy Inc. ("Vermilion") (TSX: VET) (NYSE: VET)
announces that it has filed an early warning report (the "Early
Warning Report") in respect of its holdings in Coelacanth Energy
Inc. ("Coelacanth").
Vermilion has acquired ownership of, or control and direction
over, additional common shares ("Common Shares") of Coelacanth in
an amount equal to more than 2% of the issued and outstanding
Common Shares, thereby triggering the requirement to file an early
warning report, as a result of the following transactions
(collectively, the "Transactions"):
(a) from October 4,
2022 to October 23, 2023,
Vermilion acquired an aggregate of 5,828,099 Common Shares through
its automatic share purchase plan ("ASPP") through the facilities
of the TSX Venture Exchange (the "TSXV") at prices ranging from
$0.66 to $0.85 per Common Share for an aggregate purchase
price of approximately $4,533,142;
(b) on June 30,
2023, Vermilion acquired 734,000 Common Shares through the
facilities of the TSXV at a price of $0.72 per Common Share for a purchase price of
$528,480;
(c) on October 27, 2023, Vermilion acquired
777,910 Common Shares through the facilities of the TSXV at a price
of $0.80 per Common Share for a purchase price of $622,328; and
(d) on November 15,
2023, Vermilion acquired 21,000,000 Common Shares and
7,000,000 Common Share purchase warrants ("Warrants") pursuant to a
public offering of units of Coelacanth ("Units") by way of a
preliminary short form prospectus dated October 27, 2023 and a final short form
prospectus dated November 3, 2023 at
a price of $0.80 per Unit for a
purchase price of $16,800,000.
Prior to the Transactions, Vermilion had ownership of, or
control and direction over, an aggregate of 69,342,595 Common
Shares, representing approximately 16.3% of the issued and
outstanding Common Shares. Following the Transactions, Vermilion
now has ownership of, or control and direction over, an aggregate
of 97,682,604 Common Shares, representing approximately 18.55% of
the issued and outstanding Common Shares (and 104,682,604 Common
Shares, assuming exercise of the Warrants, representing
approximately 19.62% of the issued and outstanding Common Shares on
a partially diluted basis).
The Common Shares were acquired for investment purposes. The
Common Shares acquired through the ASPP were acquired in accordance
with the terms thereof. Vermilion previously entered into the ASPP
with a designated broker in order to mitigate the impact of
dilution caused by the exercise, from time to time, of convertible
securities of Coelacanth and/or to increase Vermilion's overall
ownership position in Coelacanth. Vermilion may continue to acquire
additional Common Shares pursuant to the ASPP until its expiry on
November 27, 2023. Subject to
applicable law and compliance with the terms of the ASPP, Vermilion
will continue to review its holdings of Coelacanth's securities,
and depending on market conditions, general economic conditions and
industry conditions, Coelacanth's business and financial condition
and prospects and/or other relevant factors, may increase or
decrease its investment in the securities of Coelacanth.
This news release is being issued in accordance with National
Instrument 62-103 – The Early Warning System and Related Take-Over
Bid and Insider Reporting Issues in connection with the filing of
the Early Warning Report. The Early Warning Report has been filed
under Coelacanth's profile on SEDAR+ and can be viewed at
www.sedarplus.ca.
About Vermilion
Vermilion is an international energy producer that seeks to
create value through the acquisition, exploration, development and
optimization of producing assets in North
America, Europe and
Australia. Our business model
emphasizes free cash flow generation and returning capital to
investors when economically warranted, augmented by value-adding
acquisitions. Vermilion's operations are focused on the
exploitation of light oil and liquids-rich natural gas conventional
and unconventional resource plays in North America and the exploration and
development of conventional natural gas and oil opportunities in
Europe and Australia.
Vermilion's priorities are health and safety, the environment,
and profitability, in that order. Nothing is more important to
us than the safety of the public and those who work with us, and
the protection of our natural surroundings. We have been
recognized by leading ESG rating agencies for our transparency on
and management of key environmental, social and governance issues.
In addition, we emphasize strategic community investment in each of
our operating areas.
Vermilion trades on the Toronto Stock Exchange and the New York
Stock Exchange under the symbol VET.
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SOURCE Vermilion Energy Inc.