Mr. Robert Zakresky reports

COELACANTH ENERGY ANNOUNCES BOUGHT DEAL FINANCING OF C$80 MILLION

Coelacanth Energy Inc. has entered into an agreement with a syndicate of underwriters, led by Haywood Securities Inc., as sole bookrunner, pursuant to which the underwriters have agreed to purchase for resale to the public, on a bought deal basis: (i) 100 million units of the company consisting of one common share in the capital of the company and one-third of one common share purchase warrant at a price of 80 cents per unit for gross proceeds of $80-million. The warrants have an exercise price of $1.05 per common share and a term of 12 months from the closing date of the offering. In connection with the offering, the underwriters will be entitled to a cash fee in an amount equal to 4.5 per cent of the gross proceeds from the offering.

The common shares to be issued under the offering will be distributed by way of a short form prospectus in each of the provinces of Canada, other than Quebec. A portion of the offering will be conducted on a private placement basis in the United States via Rule 144A to qualified institutional buyers only under the U.S. Securities Act of 1933, as amended, and certain other jurisdictions outside of canada as the company and the underwriters may agree on a private placement basis. No prospectus will be required to be filed in any jurisdiction other than the Canadian jurisdictions.

The company intends to use the proceeds from the offering for the Two Rivers East project, including completion of the 5-19 pad, plus related infrastructure, and for general corporate purposes.

The offering is scheduled to close on or about Nov. 15, 2023, and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the TSX Venture Exchange and the securities regulatory authorities.

We seek Safe Harbor.