Mr. Robert Zakresky reports

COELACANTH ENERGY ANNOUNCES COMPLETION OF ITS $80 MILLION BOUGHT DEAL FINANCING

Further to its press release dated Oct. 23, 2023, Coelacanth Energy Inc. has closed its previously announced bought deal financing of 100 million units of the company at a price of 80 cents per unit for gross proceeds to the company of $80-million. The syndicate of underwriters was led by Haywood Securities Inc., as sole bookrunner, and included Eight Capital, Cormark Securities Inc., ATB Capital Markets Inc. and Acumen Capital Finance Partners Ltd.

Each unit consisted of one common share in the capital of the company and one-third of one common share purchase warrant of the company. Each warrant entitles the holder thereof to acquire one common share at a price of $1.05 (subject to adjustment in certain events) for a period of 12 months from the closing date of the bought deal financing.

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

We seek Safe Harbor.