DGE Diagem (Tier2)

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED
STATES.


Sea Dragon Energy Inc. ("Sea Dragon" or the "Company") (TSX VENTURE:SDX) is
pleased to announce that it has closed the previously announced $57 million
bought deal financing (the "Financing") with a syndicate of underwriters co-led
by GMP Securities L.P. and Thomas Weisel Partners Canada Inc. and including
Genuity Capital Markets, FirstEnergy Capital Corp. and Maison Placements Canada
Inc. (collectively, the "Underwriters"). Pursuant to the Financing, the Company
issued 142,500,000 common shares at a price of $0.40 per share for gross
proceeds of $57 million. A fee of 5% of the gross proceeds of the Financing was
paid to the Underwriters.


A portion of the net proceeds of the Financing will be used by Sea Dragon to pay
the balance of the consideration owing to Dana Gas Egypt Ltd. ("DGE") in
connection with Sea Dragon's recent acquisition of a fifty (50%) percent
participating interest in the Kom Ombo (Block-2) Concession (the "Kom Ombo
Concession") located approximately 1,000 kilometers south of Cairo in the West
Bank of the Nile River. The remainder of the net proceeds will be used by the
Company towards development costs on the Kom Ombo Concession and the NW Gemsa
Concession and for general working capital.


Sea Dragon is an international exploration and development company with a focus
on North Africa and Sub-Saharan Africa and an office in Cairo Egypt.


The securities offered have not been and will not be registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold in the United
States absent registration, or applicable exemption from the registration
requirements. 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 the securities in
any jurisdiction in which such offer, solicitation or sale would be unlawful.


For further information please see the website of the Company at
www.seadragonenergy.com or the Company's filed documents at www.sedar.com.

Diagem (Tier2) (TSXV:DGE)
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Diagem (Tier2) (TSXV:DGE)
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De Jun 2023 a Jun 2024