Calgary, Alberta–(Newsfile Corp. – August 30, 2023) – Criterium Energy Ltd. (TSXV: CEQ) (“Criterium” or (the “Company”) announced the following: the termination of the previously announced public market offering (the “Offering”);
After extensive consideration and in response to current market trends, Criterium has decided to close the previously announced offering. The Mondor Petroleum Limited (“MOPL”) offering and related acquisition (the “Acquisition”) was originally announced on June 15, 2023 and updated on July 4, 2023. As a result, our securities do not exist. Issued in response to recruitment.
The decision not to proceed with the offering reflects our dedication to maximizing shareholder value while ensuring that any transaction is consistent with our strategic objectives. Further, the value of Criterium's existing assets is not reflected in current market conditions, precludes any accretive equity financing, and Criterium, in its current form and proposed pricing and offering and acquisition Its shareholders who believe that it is not in the best interest of the company.
As a result of our decision not to proceed with the offering, Criterium will not be able to proceed with the acquisition on the terms currently contemplated in the definitive agreement. The Company intends to begin discussions with MOPL's shareholders and stakeholders to tailor the terms of the acquisition to enhance Criterium's valuation in light of current market conditions. If the results of these discussions reach acceptable terms, we may announce revised financing terms, but if not, we will consider alternative acquisition opportunities.
“We value Founding Criterium’s investors and their confidence in us. Our management team, board of directors, business associates and insiders collectively invested more than $5.4 million in our first founding round. We are working with all shareholders as we have invested. We are actively engaged in ongoing discussions.” “We are working with MOPL shareholders and stakeholders to ensure that all parties “We will explore various solutions to consummate a profitable acquisition and, if such terms cannot be reached, we will strongly consider alternative acquisition opportunities,” said Robin, President and Chief Executive Officer of the company. Mr. Auld declared. Criterium Energy. “Our goal is to ensure that our investors realize the best possible value from every transaction, while enabling us to execute on the strategic objectives for which we were founded.”
About Criterium Energy Co., Ltd.
Criterium Energy Ltd. is an upstream energy company focused on acquiring and sustainably developing assets in Southeast Asia for scalable growth and cash generation. We maximize total shareholder return by executing on the three pillars of his strategy: (1) success and sustainable reputation, (2) innovation and technology arbitrage, and (3) operational excellence and safety. The focus is on making it possible.
For more information, please visit our website at www.criteriumenergy.com, call 403-668-1630, or email info@criteriumenergy.com.
Forward-looking statements:
This press release contains forward-looking statements and forward-looking information (collectively, “forward-looking information”) within the meaning of applicable securities laws. especiallyother aspects of the Company's plans, strategy, operations, focus, objectives and Criterium's anticipated future ability to renegotiate acquisitions on terms more favorable to the Company and its shareholders, and to finance acquisitions on favorable terms; Criterium's ability to procure, negotiate and complete additional or alternative transactions and other matters incidental to or incidental to the foregoing, and our belief that the decision not to proceed with the offering will maximize stockholder value;
Forward-looking information typically includes words such as “expects,” “believes,” “plans,” “goals,” “guidance,” “expects,” “objectives,” “projects,” “intends,” or similar words or statements that refer to the future. Similar words are used that suggest results. , a statement that an action, event, or condition “may,” “will,” “could,” or “will occur in the future.” Forward-looking information is based on certain key expectations and assumptions made by Criterium's management, including expectations regarding general commodity prices, exchange rates, acquisitions and divestitures, interest rates, economic conditions, and exploration and production operations. Masu. the effects of inflation and other cost increases and results of operations; performance; business prospects and opportunities; financing, labor costs, availability and cost of services; Impact of increased competition. the impact of inflation on costs and expenses and Criterium's ability to access capital;
Although the Company believes that the expectations and assumptions underlying such forward-looking information are reasonable, undue reliance should not be placed on forward-looking information because Criterium can give no assurance that they will prove to be correct. Not. Forward-looking information addresses future events or conditions and, by its nature, involves inherent risks and uncertainties. Our actual results, performance or achievements may differ materially from those expressed or implied by the forward-looking information and, therefore, we believe that the events anticipated in the forward-looking information may actually occur or occur. There is no guarantee that it will. , or if any of them do, how the company benefits from it. Our management has made the above summary of the assumptions and risks associated with the forward-looking information provided in this press release in order to provide shareholders and stakeholders with a more complete outlook regarding Criterium's future operations. I've included it. Also, such information may not be appropriate for other companies. the purpose. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information regarding these and other factors that may affect Criterium's operations and financial results is contained in reports on file with the applicable securities regulatory authorities and is available on the SEDAR website at www.sedarplus.com ). The forward-looking information contained herein is made as of the date of this press release, and Criterium does not guarantee that future forward-looking information, whether as a result of new information, future events or results, or otherwise, will be made as of the date of this press release. We disclaim any intention or obligation to update publicly any forward-looking information. As required by applicable securities laws.
TSX Venture Exchange Inc. does not express approval or disapproval of the contents of this press release.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities and shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or registration. No securities will be sold at. Eligibility under the securities laws of any such state or other jurisdiction.
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