Mr. Mehran Ehsan reports

PERMEX PETROLEUM ANNOUNCES EXTENSION OF WARRANT REPRICING AND EXERCISE INCENTIVE PROGRAM

Permex Petroleum Corp. has extended its early warrant exercise program, as initially announced by the company in its news release dated May 18, 2023.

The program was announced with the intention to encourage the exercise of up to 1,015,869 unlisted common share purchase warrants of the company. Pursuant to the program, the company amended the exercise price of the outstanding eligible warrants to $2.86 (U.S.) per eligible warrant, from May 18, 2023, at 9 a.m. (Vancouver time) until June 16, 2023, at 5 p.m. (Vancouver time). The company now wishes to extend the program until June 30, 2023, at 5 p.m.

As part of the program, the company will also offer, to each holder of eligible warrants who exercises any eligible warrants until the extended exercise deadline, the issuance of one additional common share purchase warrant for each such exercised eligible warrant. Each incentive warrant entitles the warrant holder to purchase one common share of the company for a period of five years from the date of issuance, at a price of $4.50 (U.S.) per share. The company may also issue prefinanced common share purchase warrants in lieu of shares, upon the exercise of eligible warrants, to certain warrant holders. Each prefinanced warrant will allow the holder thereof to acquire one share at a nominal exercise price of one U.S. cent and will not expire.

The eligible warrants which remain unexercised following the completion of the extended early deadline will continue to be exercisable, on the terms existing immediately prior to the implementation of the program, and no further incentive warrants will be granted on the exercise of the eligible warrants following the extended exercise deadline.

For additional information on the program, please refer to the initial news release.

The incentive warrants, and any securities issuable on the exercise thereof, will be subject to a four-month hold period from the date of issuance pursuant to applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside of Canada.

We seek Safe Harbor.