Mr. Robert Zakresky reports

COELACANTH ENERGY ANNOUNCES BOUGHT DEAL FINANCING OF C$60 MILLION

Coelacanth Energy Inc. has entered into an agreement with a syndicate of underwriters, co-led by Haywood Securities Inc. and Roth Canada Inc., as joint bookrunners, pursuant to which the underwriters have agreed to purchase, on a bought deal basis, 73,170,732 common shares in the capital of the company at a price of 82 cents per share for gross proceeds to the company of approximately $60-million.

In addition, the company has agreed to grant the underwriters an overallotment option to purchase up to an additional number of shares equal to 15 per cent of the shares sold pursuant to the offering to cover overallotments, if any, and for market stabilization purposes, at the offering price, exercisable in whole or in part, by the underwriters, at any time, and from time to time, up to 30 days from the closing of the underwritten offering, which, if exercised in full, would result in additional gross proceeds to the company of approximately $9.0-million.

The offering is to be effected on a bought deal basis in each of the provinces of Canada (other than Quebec) pursuant to a short form prospectus to be filed in each of the qualifying jurisdictions and by way of private placement to eligible purchasers resident in jurisdictions other than Canada that are mutually agreed to by the company and the co-lead underwriters, provided that no prospectus filing or comparable obligation arises and the company does not thereafter become subject to continuous disclosure obligations in such jurisdictions.

The company intends to use the net proceeds from the offering (including any net proceeds received in connection with the exercise of the overallotment option) for exploration and development of its projects in the Montney and Two River areas in British Columbia and for working capital and general corporate purposes.

The offering is anticipated to close on or about May 6, 2026, 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 applicable securities regulatory authorities.

The company has agreed to pay to the underwriters a cash commission equal to 5.0 per cent of the gross proceeds of the offering.

We seek Safe Harbor.