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2021-ENEnglishNews Release

Saturn Oil & Gas Inc. Announces Increase to Previously Announced Financings to $32.2 Million

By May 21, 2021October 30th, 2023No Comments

**Calgary, Alberta, May 21, 2021** – Saturn Oil & Gas Inc. (TSXV: SOIL) (FSE: SMK) (“Saturn” or the “Company”) is pleased to announce that, further to the Company’s press releases dated May 13, 2021 and May 17, 2021, Echelon Wealth Partners Inc. as lead agent in the Brokered Private Placement, has exercised its option (the “Agent’s Option”) to offer an additional 15% of the Subscription Receipts issued under the previously announced Brokered Private Placement.

In addition, the Company is increasing the size of the non-brokered portion of its previously announced offering by an additional 15%. The Non-Brokered Private Placement will be upsized to gross proceeds of up to $18,400,000 through the sale of up to 153,333,333 Special Warrants at a price of $0.12 per Special Warrant.

The closing of the Private Placements is expected to occur in one or more tranches on or before May 31, 2021 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.

The increased proceeds of the private placements will be used to fund closing adjustments payable to the vendor for the acquisition of the assets in the Oxbow area of Southeast Saskatchewan, as previously announced in the Company’s press release dated May 13, 2021.

**About Saturn Oil & Gas Inc.**

Saturn Oil & Gas Inc. is a public energy company focused on the acquisition and development of undervalued, low-risk assets. Saturn is driven to build a strong portfolio of cash flowing assets with strategic land positions. De-risked assets and calculated execution will allow Saturn to achieve growth in reserves and production through retained earnings. Saturn’s portfolio will become its key to growth and provide long-term stability to shareholders.

**Investor & Media Contact:**
Saturn Oil & Gas
John Jeffrey, MBA – Chief Executive Officer & Chairman
Tel: +1 (587) 392-7902

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

**Reader Advisory**

This press release is not an offer of the securities for sale in the United States. The securities offered have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or any U.S. state securities laws and may not be offered or sold in the United States absent registration or an available exemption from the registration requirement of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful.

**Forward-Looking Information and Statements**

Certain information included in this press release constitutes forward-looking information under applicable securities legislation. Forward-looking information typically contains statements with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “propose”, “project”, “will” or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information in this press release may include, but is not limited to, statements concerning: receipt of required legal and regulatory approvals for the completion of the Private Placements; the anticipated closing date of the Private Placements; the closing of the Private Placements; and the use of proceeds from the Private Placements.

Although Saturn believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Saturn can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks.

Forward-looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect. Although Saturn believes that the expectations reflected in its forward-looking information are reasonable, undue reliance should not be placed on forward-looking information because Saturn can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this press release, assumptions have been made regarding and are implicit in, among other things, the timely receipt of any required regulatory approvals and the satisfaction of all conditions to the completion of the Private Placements. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which have been used.

The forward-looking information contained in this press release is made as of the date hereof and Saturn undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.

**All dollar figures included herein are presented in Canadian dollars, unless otherwise noted.**