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Pieridae Energy Limited Announces Partial Exercise of Over-Allotment Option in Respect of Brokered Private Placement and Closing of Second Tranche of Non-Brokered Private Placement

March 6, 2019 Globe Newswire

CALGARY, Alberta, March 06, 2019 (GLOBE NEWSWIRE) — Pieridae Energy Limited (“Pieridae”) (TSXV: PEA) is pleased to announce that it has issued 320,000 common shares at a price of $2.00 per share (the “Over-Allotment Offering”), for incremental gross proceeds of $640,000, pursuant to the partial exercise of an over-allotment option (the “Over-Allotment Option”) granted by the Company to a syndicate of investment dealers co-led by KES 7 Capital Inc., National Bank Financial Inc. and Laurentian Bank Securities Inc. (collectively, the “Agents”) in connection with the Company’s previously announced brokered private placement of common shares of the Company (the “Brokered Offering”). The remainder of the Over-Allotment Option is exercisable until March 28, 2019. The Company is also pleased to announce that it has issued an additional 274,000 common shares at a price of $2.00 per share, for incremental gross proceeds of $548,000, pursuant to a second tranche of its previously announced non-brokered private placement of common shares (the “Non-Brokered Offering”). The total gross proceeds from this second tranche of the private placement financing are $1,188,000.

The Company anticipates using the net proceeds of the Over-Allotment Offering and the Non-Brokered Offering for working capital and general corporate purposes.

In connection with the Brokered Offering, the Company entered into an agency agreement with the Agents pursuant to which the Agents received a fee from the Company in the amount of 5% of the gross proceeds of the Brokered Offering, including in respect of the Over-Allotment Offering.

The securities issued pursuant to the Over-Allotment Offering and the Non-Brokered Offering are subject to a statutory 4-month hold period expiring July 7, 2019 and applicable U.S. resale restrictions. The securities described herein have not been registered under the U.S. Securities Act of 1933 (the “Act”), as amended, and may not be offered or sold in the United States unless registered under the Act or unless an exemption from registration is available.

About Pieridae

Founded in 2011, Pieridae, a majority Canadian owned corporation based in Calgary, is focused on the development of integrated energy-related activities, from the exploration and extraction of natural gas to the development, construction and operation of the Goldboro LNG facility and the production of LNG for sale to Europe and other markets. Pieridae is on the leading edge of the re-integration of the LNG value chain in North America. Pieridae has 84,121,990 common shares issued and outstanding which trade on the TSX Venture Exchange (PEA).

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