Criterium Energy Ltd. announced that it has entered into a loan agreement to raise a convertible loan and issue 76,250,000 warrants for the total gross proceeds of CAD 12,200,000 on October 4, 2023. The convertible loan will be issued on or before the closing of the Acquisition and is subject to a number of conditions, including the closing of the public offering and the approval of the TSX Venture Exchange. The convertible loan shall bear interest at a rate of 14.75% per annum from the date of issue, accrued daily and payable monthly in cash.

The loan will be convertible into common shares of the company at a price of CAD 0.16 per common share.