VANCOUVER, BC, July 31,
2024 /CNW/ - MCF Energy Ltd. ("MCF Energy" or the
"Company") (TSXV: MCF) (FRA: DC6) (OTCQX: MCFNF) is pleased to
announce, that further to its press release dated July 15, 2024, the Company has closed its fully
subscribed non-brokered private placement (the
"Offering"). The Company issued a total of 29,848,686
units for aggregate gross proceeds of $4,447,303. Each unit (the "Unit")
consists of one common share (a 'Share") of the Company
and one share purchase warrant (a "Warrant") with each
Warrant entitling the holder to acquire an additional common share
at an exercise price of $0.16 until
July 31, 2026.
In connection with the Offering, the Company paid finders' fees
of $100,036. In addition, the Company
issued 666,906 non-transferable finders' warrants. Each
finders' warrant entitles the holder to acquire one Share
at a price of $0.16 per Share until
July 31, 2026.
The Company intends to use the net proceeds from the Offering
for working capital and general corporate purposes.
The Company also announces that it has settled outstanding debt
owed by the Company to various creditors in the aggregate amount
of C$1,566,788 (the "Debt") through the issuance of an
aggregate of 10,445,254 units (the "Debt Units"), at a
deemed price of $0.15 per Debt
Unit. Each Debt Unit consists of one common share and one
full common share purchase warrant (a "Warrant") with each
Warrant entitling the holder to acquire an additional common share
at an exercise price of $0.16 until
July 31, 2026.
Certain insiders of the Company acquired Units pursuant to the
Offering and as such a portion of the Offering is considered a
related party transaction within the meaning of TSX Venture
Exchange Policy 5.9 and Multilateral Instrument 61-101- Protection
of Minority Security Holders in Special Transactions ("MI
61-101"). The Company is relying on the exemptions from the
valuation and minority shareholder approval requirements of MI
61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 as
neither the fair market value of the Units nor the consideration
for such Units exceeds 25% of the Company's market
capitalization.
All securities issued pursuant to the Offering and the debt
settlement, and any Shares that may be issuable on exercise of any
such securities, will be subject to a statutory hold period
expiring four months and one day expiring December 1, 2024. The Offering remains subject to
final approval of the TSX Venture Exchange.
About MCF Energy
MCF Energy was established in 2022 by leading energy executives
to strengthen Europe's energy
security through responsible exploration and development of natural
gas resources within the region. The Company has secured interests
in several significant natural gas exploration projects in
Austria and Germany with additional concession
applications pending. MCF Energy is also evaluating additional
opportunities throughout Europe.
The Company's leaders have extensive experience in the European
energy sector and are working to develop a cleaner, cheaper, and
more secure natural gas industry as a transition to renewable
energy sources. MCF Energy is a publicly traded company (TSX.V:
MCF; FRA: DC6; OTCQX: MCFNF) and headquartered in Vancouver, British Columbia. For further
information, please visit: www.mcfenergy.com.
Additional information on the Company is available at
www.sedarplus.ca under the Company's profile.
Cautionary Statements:
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE
EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF
THIS RELEASE.
Advisories:
Forward-Looking Information
This press release contains forward-looking statements and
forward-looking information (collectively "forward-looking
information") within the meaning of applicable securities laws
relating to the Company's plans and other aspects of our
anticipated future operations, management focus, strategies,
financial, operating and production results, industry conditions,
commodity prices and business opportunities. In addition, and
without limiting the generality of the foregoing, this press
release contains forward-looking information regarding the
anticipated timing of development plans and resource potential with
respect to the Company's right to assets in Austria. Forward-looking information typically
uses words such as "anticipate", "believe", "project", "expect",
"goal", "plan", "intend" or similar words suggesting future
outcomes, statements that actions, events or conditions "may",
"would", "could" or "will" be taken or occur in the future.
The forward-looking information is based on certain key
expectations and assumptions made by MCF Energy's management,
including expectations and assumptions noted subsequently in this
press release under oil and gas advisories, and in addition with
respect to prevailing commodity prices which may differ materially
from the price forecasts applicable at the time of the respective
Resource Audits conducted by GCA, and differentials, exchange
rates, interest rates, applicable royalty rates and tax laws;
future production rates and estimates of operating costs;
performance of future wells; resource volumes; anticipated timing
and results of capital expenditures; the success obtained in
drilling new wells; the sufficiency of budgeted capital
expenditures in carrying out planned activities; the timing,
location and extent of future drilling operations; the state of the
economy and the exploration and production business; results of
operations; performance; business prospects and opportunities; the
availability and cost of financing, labour and services; the impact
of increasing competition; the ability to efficiently integrate
assets and employees acquired through acquisitions, the ability to
market natural gas successfully and MCF's ability to access
capital. Although the Company believes that the expectations and
assumptions on which such forward-looking information is based are
reasonable, undue reliance should not be placed on the
forward-looking information because MCF Energy can give no
assurance that they will prove to be correct. Since forward-looking
information addresses future events and conditions, by its very
nature they involve inherent risks and uncertainties. MCF Energy's
actual results, performance or achievement could differ materially
from those expressed in, or implied by, the forward-looking
information and, accordingly, no assurance can be given that any of
the events anticipated by the forward-looking information will
transpire or occur, or if any of them do so, what benefits that we
will derive therefrom. Management has included the above summary of
assumptions and risks related to forward-looking information
provided in this press release in order to provide securityholders
with a more complete perspective on future operations and such
information may not be appropriate for other purposes.
Readers are cautioned that the foregoing lists of factors are
not exhaustive. These forward-looking statements are made as of the
date of this press release and we disclaim any intent or obligation
to update publicly any forward-looking information, whether as a
result of new information, future events or results or otherwise,
other than as required by applicable securities laws.
SOURCE MCF Energy Ltd.
