CanAsia Energy Corp. announced a brokered private placement to issue 40,000,000 common shares at an issue price of CAD 0.10 per share to raise aggregate gross proceeds of up to CAD 4,000,000 on December 4, 2023. The Offering is being led by Research Capital Corporation as the sole agent and sole bookrunner on a best-efforts basis.

The transaction will include participation from officers and directors by purchasing Accredited Investor Shares for aggregate gross proceeds of up to CAD 1,800,000. The Company will grant the Agent an option to increase the size of the Offering by up to an additional 6,000,000 Accredited Investor Shares by the Agent giving written notice of the exercise of the Agent?s Option, or a part thereof, to the Company at any time up to 2 business days prior to the Closing Date. The closing of the Offering is expected to occur on or about December 20, 2023 or such other date or dates as company and the Agent may agree.

The outstanding company's common shares are listed and posted for trading on the TSX Venture Exchange under the trading symbol "CEC". The company will apply to list the shares distributed under the Offering on the TSXV. Listing will be subject to fulfilling all the listing requirements of the TSXV.

Up to 24,000,000 common shares will be offered to purchasers in Canada and Up to 16,000,000 common shares of will be offered to accredited investors under the accredited investor exemption. The first trade of LIFE Shares will not be subject to any hold period or other resale restrictions and the Accredited Investor Shares cannot be traded before 4 months and a day after the Closing Date. The company will pay Agent a cash commission of 6.0% of the aggregate gross proceeds of the Offering, other than for sales to certain "president's list" purchasers identified by, for which a 3.0% cash commission will be payable and will also issue to the Agent non-transferable broker warrants equal to 6.0% of the number of shares sold under the Offering, other than shares sold to president's list purchasers.

Each broker warrant will entitle the Agent to purchase one share at an exercise price of CAD 0.10 price until 24 months after the Closing Date. The underlying Accredited Investor Shares of the broker warrants cannot be traded before 4 months and a day after the Closing Date.