CALGARY,
AB, Oct. 4, 2022 /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").
Vermilion has acquired ownership of, or control and direction
over, additional common shares ("Common Shares") of Coelacanth in
an amount equal to more than 2% of the issued and outstanding
Common Shares, thereby triggering the requirement to file an early
warning report, as a result of the following transactions
(collectively, the "Transactions"):
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(a)
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from June 20, 2022 to
October 3, 2022, Vermilion acquired an aggregate of 7,057,322
Common Shares through its automatic share purchase plan ("ASPP")
through the facilities of the TSX Venture Exchange at prices
ranging from $0.54 to $0.85 per Common Share for an aggregate
purchase price of $4.8 million; and
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(b)
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on June 2, 2022,
Vermilion acquired 1,444,804 Common Shares through the exercise of
1,444,804 Common Share purchase warrants ("Warrants") of Coelacanth
at a price of $0.27 per Common Share for an aggregate exercise
price of approximately $0.4 million.
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Prior to the Transactions, Vermilion had ownership of, or
control and direction over, an aggregate of 60,840,468 Common
Shares, representing approximately 17.7% of the issued and
outstanding Common Shares (and 62,285,272 Common Shares, assuming
exercise of the Warrants, representing approximately 18.0% of the
issued and outstanding Common Shares on a partially diluted basis).
Following the exercise of all Coelacanth share purchase warrants
and the Transactions, Vermilion now has ownership of, or control
and direction over, an aggregate of 69,342,595 Common Shares,
representing approximately 16.3% of the issued and outstanding
Common Shares.
The Common Shares were acquired for investment purposes. Other
than the Common Shares acquired pursuant to the exercise of the
Warrants, all Common Shares were acquired in accordance the terms
of the ASPP. Vermilion previously entered into the ASPP with a
designated broker in order to mitigate the impact of dilution
caused by the exercise, from time to time, of convertible
securities of Coelacanth and/or to increase Vermilion's overall
ownership position in Coelacanth. Vermilion may continue to acquire
additional Common Shares pursuant to the ASPP. Subject to
applicable law and compliance with the terms of the ASPP, 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 the System for
Electronic Document Analysis and Review (SEDAR) and can be viewed
at www.sedar.com.
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
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.
For further information please contact:
Dion Hatcher, President;
Lars Glemser, Vice President &
CFO; and/or Kyle Preston, Vice
President, Investor Relations
TEL (403) 269-4884 |
IR TOLL FREE 1-866-895-8101 |
investor_relations@vermilionenergy.com |
www.vermilionenergy.com
Vermilion's address is 3500, 520 – 3rd Avenue S.W., Calgary, Alberta T2P 0R3.
Coelacanth's address is 2110, 530 – 8th Avenue S.W., Calgary, Alberta T2P 3S8.
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SOURCE Vermilion Energy Inc.
