Shoal Point Energy Ltd. announced a non-brokered private placement of up to 10,000,000 units at a price of CAD 0.05 per unit for the gross proceeds of up to CAD 500,000 on February 15, 2024. Each unit will consist of one post-Consolidation common share and one post-Consolidation common share warrant. Each Warrant will entitle the holder to acquire a one post-Consolidation common share at a price of CAD 0.07 for three years following completion of the Private Placement.

Finder's fees may be paid on a portion of the Private Placement and insiders of the Company may participate in the Private Placement. All securities issued pursuant to the Private Placement will be subject to a statutory hold period of four months and one day from closing. Completion of the Private Placement remains subject to the approval of the Canadian Securities Exchange.