CanCambria Energy Corp. (TSXV: CCEC) has announced the closing of a brokered best-efforts private placement that raised gross proceeds of CAD$6,900,000 through the issuance of 23,000,000 units at CAD$0.30 per unit, including the full exercise of the agent's option. The financing was conducted under the Listed Issuer Financing Exemption, meaning units are not subject to resale restrictions under applicable Canadian securities laws. Proceeds will primarily fund delineation of shallow oil prospects and a new proprietary 3D seismic survey over the Soltvadkert/Tazlar/Alpar Shallow Oil Fairway in Southern Hungary. Investors may be watching this raise as a signal of the company's commitment to accelerating its Hungarian exploration programme.

Key Points

  • CanCambria Energy Corp. (TSXV: CCEC | FSE: 4JH | OTCQB: CCEYF)
  • Closed a CAD$6,900,000 brokered private placement of 23,000,000 units at CAD$0.30 per unit, with Research Capital Corporation acting as sole agent
  • Each unit includes one common share and one warrant exercisable at CAD$0.40 until October 8, 2029; warrants expected to trade as "CCEC.WT" pending exchange approval
  • Investors will watch for the 3D seismic survey over the STA Fairway and subsequent drilling decisions on the company's top-ranked shallow oil prospects

Unit Structure and Warrant Terms for the CCEC Offering

Each unit issued in the offering comprises one common share and one common share purchase warrant. Each warrant entitles the holder to acquire one additional common share at an exercise price of CAD$0.40, expiring October 8, 2029. CanCambria has applied to list the warrants on the TSX Venture Exchange under the symbol "CCEC.WT," though listing remains subject to the exchange satisfying its listing requirements. The offering was completed via the Listed Issuer Financing Exemption under Part 5A of National Instrument 45-106, meaning the issued units carry no resale restrictions under applicable Canadian securities laws.

Planned Use of Proceeds: STA Fairway Seismic Survey and Shallow Oil Drilling

The release states net proceeds will be directed toward delineating and de-risking 10 identified shallow oil prospects and advancing drilling of the company's top-ranked prospect or prospects. Central to this effort is the acquisition of a new, state-of-the-art proprietary 3D seismic survey covering the STA Fairway in Southern Hungary. The company states this survey is designed to reduce pre-drill uncertainties related to prospect geometry, resource size, reservoir distribution, and well placement, providing a technical foundation for prospect maturation and drilling decisions. A portion of the proceeds has also been allocated for general corporate purposes.

Agent Compensation and Related Party Participation

Research Capital Corporation, acting as sole agent and bookrunner, received a cash commission of $362,271 and 1,207,570 broker warrants exercisable at CAD$0.30 per share until October 8, 2029. The company also paid an advisory fee of $105,000 plus tax and issued 350,000 advisory warrants on the same terms. The disclosure notes that certain members of management and the board participated in the offering for an aggregate of 200,000 units at a total subscription price of $60,000, constituting a related party transaction that qualified for exemptions under Multilateral Instrument 61-101.