Sintana Energy Inc. (LON:SEI, TSXV:SEI, OTCQX:SEUSF) has announced that, further to its announcements of 15 May 2026, 18 May 2026 and 26 May 2026, the final condition, being Admission, has now been satisfied and as such the Fundraise has now closed. Pursuant to the Fundraise, the Company issued an aggregate of 38,001,253 New Common Shares at 22.5 pence per New Common Share on AIM and C$0.41 per New Common Share on the TSXV, to raise aggregate gross proceeds of US$11.5 million (£8.6 million, C$15.6 million).
As announced on 18 May 2026, pursuant to the Subscription, Robert Bose, the CEO of the Company, has subscribed for 826,105 Subscription Shares through Charlestown Energy Partners LLC (of which Robert Bose is a managing member) in exchange for an investment of US$250,000 and Eytan Uliel, President of the Company, has subscribed for 826,105 Subscription Shares in exchange for an investment of US$250,000. Each of Messrs. Bose and Uliel are insiders of the Company. Accordingly, the Fundraise constitutes a related party transaction under Multilateral Instrument 61-101 (“MI 61-101”). The Company is relying on the exemption from the formal valuation requirement set out in section 5.5(a) of MI 61-101 and the exemption from the minority approval requirement set out in section 5.7(1)(a) of MI 61-101, as neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the Fundraise, insofar as it involves insiders, exceeds 25 per cent. of the Company’s market capitalisation. The Fundraise remains subject to the final approval of the TSXV.
The New Common Shares issued pursuant to the Fundraise were issued pursuant to the Listed Issuer Financing Exemption under Part 5A of National Instrument 45-106, and accordingly such securities are not subject to a hold period pursuant to applicable Canadian securities laws. There is an offering document related to this Fundraise dated as of 15 May 2026 as amended and restated, that can be accessed under the Company’s profile at www.sedarplus.ca and at https://sintanaenergy.com.
In connection with the Fundraise, the Company paid cash finder’s fees totalling C$0.9 million.
