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CALGARY, Alberta, July 16, 2026 (GLOBE NEWSWIRE) -- Crown Point Energy Inc. (TSX-V:CWV) ("Crown Point" or the "Company") is pleased to announce that it has completed its previously announced rights offering which expired on July 13, 2026 (the "Rights Offering"). At closing, Crown Point issued 240,000,000 common shares ("Common Shares") of the Company at a price of US$0.125 per Common Share for gross proceeds of US$30,000,000 (approximately Cdn$42,147,000 based on the daily exchange rate published by the Bank of Canada of US$1.00 = Cdn$1.4049 on July 15, 2026). Following the closing of the Rights Offering, Crown Point has 312,903,038 Common Shares issued and outstanding.
Liminar Energía S.A. ("Liminar"), an insider and the Company's largest shareholder, acquired an aggregate of 238,289,708 Common Shares in connection with the Rights Offering pursuant to its stand-by commitment. Liminar now owns an aggregate of 284,876,536 Common Shares, which represents approximately 91% of the issued and outstanding Common Shares following closing.
The gross proceeds of the Rights Offering were used by the Company to make an equity investment in Crown Point Energía S.A. ("CPESA"), the Company's wholly owned subsidiary, and CPESA used such funds (together with cash on hand) to repay the US$30 million loan (and accrued interest) obtained from Liminar, the proceeds of which were used to fund a portion of the purchase price payable by CPESA to complete the acquisition of, among other things, a 95% operated interest in the El Tordillo, La Tapera and Puesto Quiroga hydrocarbon exploitation concessions located in the Province of Chubut, Argentina. For further details, see the (final) short form prospectus of the Company dated June 5, 2026 (the "Prospectus"), a copy of which is available on the Company's SEDAR+ profile at www.sedarplus.ca.
There were no selling fees or commissions paid in connection with the distribution.
For inquiries please contact:
| Brian J. Moss | Marcos Esteves | |
| Interim President & CEO | Vice-President, Finance & CFO | |
| Ph: (403) 232-1150 | Ph: +54 11 4776 0622 | |
| Crown Point Energy Inc. | Crown Point Energy Inc. | |
| bmoss@crownpointenergy.com | mesteves@crownpointenergy.com | |
| Website: www.crownpointenergy.com | ||
About Crown Point
Crown Point Energy Inc. is an international oil and gas exploration and development company headquartered in Buenos Aires, Argentina, incorporated in Canada, trading on the TSX Venture Exchange and operating in Argentina. Crown Point’s exploration and development activities are focused in four producing basins in Argentina, the Golfo San Jorge basin in the Provinces of Santa Cruz and Chubut, the Austral basin in the Province of Tierra del Fuego and the Neuquén and Cuyo (or Cuyana) basins in the Province of Mendoza.
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 news release.
