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PetroShale Inc. closes Upsized Equity Financing

Date Closed

February 2, 2022

Lead Office

Calgary

Value

45.00 Million CAD

On February 2, 2022, PetroShale Inc. ("PetroShale") closed its oversubscribed non–brokered and brokered private placements (the "Private Placements") raising gross proceeds of C$54.5 million with a syndicate of agents led by Peters & Co. Limited and including Haywood Securities Inc., National Bank Financial Inc., RBC Dominion Securities Inc., CIBC World Markets Inc., BMO Nesbitt Burns Inc. and ATB Capital Markets Inc. PetroShale issued 112,500,000 Common Shares at a price of $0.40 per Common Share for gross proceeds of C$45.0 million, which was increased from the original C$30 million due to strong demand. Through the Private Placements, PetroShale raised total gross proceeds of C$54.5 million which will be used to reduce debt and for general corporate purposes, positioning the Company to execute on a disciplined corporate strategy.

Peters & Co. provides investment services to institutional investors and private clients; employs its own trading group; performs specialized and comprehensive investment research on the Canadian energy sector; and is an active underwriter for, and financial advisor to, companies active in the Canadian energy industry.

McCarthy Tétrault assisted the agents Peters & Co. Limited with a team led by Gordon Cameron that included Farhiyah Shariff and Simran Choongh (Business).

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