Coelacanth Energy Inc. (TSXV: CEI), a Calgary-based company, has completed a private placement offering to onboard Jonathon Hanson as its newly appointed vice president of engineering. The deal raised approximately $228,000.50 through the issuance of 325,715 units priced at $0.70 each, each comprising one common share and one warrant. The warrants allow holders to purchase an additional common share at $0.71 over a 60-month period following the closing of the transaction.
The offering aligns with broader share-based incentive plans, which currently account for roughly 5.0% of the company’s outstanding common shares—up from 23,772,331 outstanding options and 7,743,665 restricted share units (RSUs) under its vesting schedules. Under the terms of the plan, up to 800,000 common shares may be granted as stock options at an exercise price of $0.70, vesting in three equal installments over five years. Separately, up to 525,000 shares may be granted as RSUs with no additional cost, vesting annually over three years.
The transaction is classified as a related-party transaction under TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 (MI 61-101). The board of directors approved the offering unanimously, exempting it from formal valuation and minority shareholder approval requirements. The proceeds will be used for general corporate purposes, pending regulatory and TSX Venture Exchange approvals. Issued securities are subject to a four-month-and-one-day hold period under Canadian securities laws.
Coelacanth Energy’s total issued and outstanding common shares stand at 633,920,913, with a cap on share-based incentives set at no more than 10% of the company’s outstanding shares.
