Saturn Oil & Gas Inc. entered into a bought deal private placement for approximately 22,200,000 common shares at a price of CAD 2.25 per share for aggregate gross proceeds of approximately CAD 49,950,000 on February 6, 2024. The transaction is led by four existing strategic U.S. institutional investors GMT Capital Corp., Libra Advisors, LLC and the two other US strategic institutional investors. The closing of the offering is expected on or about February 22, 2024, and is subject to certain conditions including but not limited to, the receipt of all necessary regulatory and other approvals included the approval of the Toronto Stock Exchange.

The common shares will be subject to a statutory four month and one day hold period from the date of closing.