Coelacanth Energy plans private placement for new VP Engineering

Coelacanth Energy Inc. (TSXV: CEI) announced a non-brokered private placement offering to Jonathon Hanson, recently hired as VP Engineering, consisting of 325,715 units at $0.70 per unit for aggregate gross proceeds of $228,000.50.

Each unit comprises one common share and one warrant, with each warrant entitling the holder to purchase one additional common share at $0.71 for 60 months following the closing of the offering.

The company also approved the grant of 800,000 stock options and 525,000 restricted share units (RSUs) to Hanson. The options are exercisable for five years at $0.70 per share, with one-third vesting on each of the first three anniversaries of the grant date. The RSUs vest on the same schedule at no additional cost and will be settled in common shares upon vesting.

The offering is classified as a related party transaction under TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101. The board unanimously approved the offering and determined it qualifies for exemptions from formal valuation and minority shareholder approval requirements under MI 61-101.

Proceeds will be used for general corporate purposes. The offering remains subject to regulatory and TSXV approvals, and securities issued will carry a four-month-and-one-day hold period under Canadian securities law.

Following these grants, Coelacanth has 23,772,331 options and 7,743,665 RSUs outstanding, representing approximately 5.0% of the company's 633,920,913 issued and outstanding common shares, against a plan limit of 10%.

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