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CanCambria Energy Corp
- FSE:4JH
- OTCQB:CCEYF
- TSXV:CCEC
CanCambria Energy Closes Second Upsized Private Placement for CAD $3,275,350
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Announcement Summary
CanCambria Energy Corp. (TSXV: CCEC) (FSE: 4JH) (OTCQB: CCEYF) announced the closing of its second upsize of a non-brokered private placement.
- The Offering closed for gross proceeds of CAD $3,275,350 through 8,188,375 Units priced at $0.40 each.
- Each Warrant entitles holders to acquire one Warrant Share at $0.50 for three (3) years after closing.
- The Units, Shares, Warrants and Warrant Shares will be subject to a hold period of four months and one day, expiring May 30, 2026.
- Net proceeds will fund long-lead items for 2026 drilling, Kiskunhalas Concession Area evaluation, BA-IX tight-gas field Joint Venture process and corporate purposes.
- Insiders bought 250,000 Units in a MI 61-101 related party transaction; exemptions under subsections 5.5(a) and 5.7(a) applied.
The exemptions were based on participation not exceeding 25% of market capitalization; prospectus exemptions included NI 45-106, and US sales required registration or an applicable exemption.
Investor FAQs
CanCambria Energy Corp. announced that it had closed a second upsize of its non-brokered private placement for gross proceeds of CAD $3,275,350 through the sale of 8,188,375 Units at a price of $0.40 per Unit. CanCambria is identified in the source as listed on the TSXV under CCEC, the FSE under 4JH and the OTCQB under CCEYF.
Each Unit comprises one common share and one share purchase warrant. Each Warrant entitles its holder to acquire one additional common share at an exercise price of $0.50 per Warrant Share for a period of three (3) years following the closing of the Offering.
The Company stated that the net proceeds will be used to fund the procurement of long-lead items pursuant to the start of the 2026 drilling program, ongoing technical resource evaluation of the Kiskunhalas Concession Area, support of the Joint Venture process for the BA-IX tight-gas field, and general corporate purposes.
The Units, Shares, Warrants and any Shares issued upon exercise of the Warrants are subject to a hold period of four months and one day, expiring May 30, 2026. The Finder's Warrants and Finder's Warrant Shares are also included among the Securities covered by the announcement.
The Company paid a cash finder's fee of $156,924 and issued 392,310 non-transferable Finder's Warrants. Each Finder's Warrant entitles the holder to acquire one common share at a price of $0.50 per Finder's Warrant Share, expiring January 29, 2029. Other than being non-transferable, the Finder's Warrants are otherwise on the same terms as the Warrants.
Insiders purchased a total of 250,000 Units, which the Company stated constitutes a related party transaction under MI 61-101. The Company relied on exemptions from the formal valuation and minority shareholder approval requirements under subsections 5.5(a) and 5.7(a) of MI 61-101, on the basis that insider participation would not exceed 25% of the fair market value of the Company's market capitalisation.
The Securities sold in connection with the Offering have not been and will not be registered under the United States Securities Act of 1933, as amended. They may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The source also states that the release is not an offer to sell or solicitation of an offer to buy, and that no sale may take place in a jurisdiction where that activity would be unlawful.
The release states that forward-looking information includes matters such as the Offering, business plans, expectations, capital costs and objectives, and that such information is subject to risks, uncertainties, assumptions and other unpredictable factors. It should not be read as a guarantee of future performance or results. Separately, under a consulting services agreement with Larry Busnardo, the Company agreed to pay a cash consulting fee of US$15,500 per month for a term of three years, terminable by either party upon 30 days' written notice.
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