CALGARY,
AB, Feb. 28, 2024 /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").
On February 27, 2024, Vermilion
acquired ownership of, or control and direction over, 12,497,000
common shares ("Common Shares") of Coelacanth through a privately
negotiated transaction with a single counterparty at a price of
$0.75 per Common Share for a purchase
price of $9,372,750 (the
"Transaction"), representing an amount equal to more than 2% of the
issued and outstanding Common Shares, thereby triggering the
requirement to file an early warning report.
Prior to the Transaction, Vermilion had 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
7,000,000 Common Share purchase warrants (the "Warrants") held by
it, representing approximately 19.62% of the issued and outstanding
Common Shares on a partially diluted basis). Following the
Transaction, Vermilion now has ownership of, or control and
direction over, an aggregate of 110,179,604 Common Shares,
representing approximately 20.84% of the issued and outstanding
Common Shares (and 117,179,604 Common Shares, assuming exercise of
the Warrants, representing approximately 21.88% of the issued and
outstanding Common Shares on a partially diluted basis).
The Common Shares were acquired for investment purposes. Subject
to applicable law, 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.
Vermilion's address is 3500, 520 – 3rd Avenue SW,
Calgary, Alberta T2P 0R3
Coelacanth's address is 2110, 530 – 8th Avenue SW,
Calgary, Alberta, T2P 3S8
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SOURCE Vermilion Energy Inc.