Logan Energy Corp. expands previously announced stock offering

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CALGARY, Alberta, Sept. 13, 2024 (GLOBE NEWSWIRE) — Logan Energy Corporation. LGN (“Logan” or the “Company“) is pleased to announce that, as a result of excess demand, it has agreed with the syndicate of underwriters with National Bank Financial Inc. as sole underwriter and co-lead underwriter and Eight Capital as co-lead underwriter to increase the size of its previously announced private placement financing (the “Offering of shares“). Logan will now issue 68,494,000 shares of its common stock (“Ordinary shares“) at a price of $0.73 per Common Share to raise aggregate gross proceeds of approximately $50.0 million pursuant to the Share Offering.

In all other respects, the terms of the Share Offering and the use of proceeds therefrom will remain as previously disclosed in the press release dated September 12, 2024.

Completion of the Share Offering is subject to customary closing conditions, including receipt of all necessary regulatory approvals, including approval of the TSX Venture Exchange (“TSXV“). The closing of the share offering is expected to occur on or about October 3, 2024.

ABOUT LOGAN ENERGY CORP.

Logan is a growth-oriented exploration, development and production company formed from the spin-out of Spartan Delta Corp.’s early-stage Montney assets. Logan was founded with strong seed capitalization and three high-quality, opportunity-rich Montney assets located in the Simonette and Pouce Coupe areas of northwestern Alberta and the Flatrock area of ​​northeastern British Columbia and recently established a position within the Kaybob Duvernay oil play with assets in the North Simonette and Ante Creek areas. The management team brings proven leadership and a track record of generating excess returns over multiple business cycles.

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WARNINGS FOR THE READER

Forward-looking and cautionary statements

Certain statements contained in this news release constitute forward-looking statements within the meaning of applicable Canadian securities legislation. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate,” “budget,” “plan,” “endeavour,” “continue,” “estimate,” “assess,” “expect,” “forecast,” “monitor,” “may,” “will,” “can,” “capable,” “potential,” “target,” “intend,” “consider,” “focus,” “identify,” “utilize,” “use,” “manage,” “maintain,” “remain,” “result,” “grow,” “could,” “should,” “believe” and similar expressions. Logan believes that the expectations reflected in such forward-looking statements are reasonable as of the date hereof, but there can be no assurance that such expectations will prove to be correct and undue reliance should not be placed on such forward-looking statements. Without limitation, this press release contains forward-looking statements relating to: the completion of the Share Offering and the terms and timing thereof and the use of the proceeds thereof; the satisfaction or waiver of the closing conditions of the Share Offering; and the receipt of the required regulatory and stock exchange approvals for the completion of the Share Offering. Forward-looking statements and information are based on certain key expectations and assumptions made with respect to Logan, including expectations and assumptions relating to the receipt of all approvals and the satisfaction of all conditions to the completion of the Share Offering. Although Logan believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on forward-looking statements and information because Logan can give no assurance that they will prove to be correct. By their nature, such forward-looking information is subject to various risks and uncertainties, which could cause actual results and expectations to differ materially from anticipated results or expressed expectations. These risks and uncertainties include, but are not limited to: counterparty risk for the closing of the Share Offering. The foregoing list is not exhaustive. Readers are cautioned not to place undue reliance on this forward-looking information, which is provided as of the date hereof, and not to use such forward-looking information for any purpose other than that for which it is intended. Logan undertakes no obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

This press release does not constitute an offer to sell the securities in the United States. The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any U.S. state securities laws and may not be offered or sold in the United States absent registration or an available exemption from the registration requirement of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.