VANCOUVER, BC, Feb. 23,
2023 /CNW/ - MCF Energy Ltd. (TSXV: MCF)
(FRA: DC6) (OTCPK: MCFNF) ("MCF Energy" or the "Company") is
pleased to announce that it has increased its previously announced
non-brokered financing (the "Financing") of subscription receipts
from $8,000,000 to an aggregate of
24,000,000 subscription receipts at $0.50 for gross proceeds of $12,000,000. Each subscription receipt will
convert into one common share of the Company concurrently with the
closing of the previously announced acquisition (the "Acquisition")
of all of the outstanding shares of Genexco GmbH (See the Company's
January 23 and February 22, 2023 news releases for additional
details on the Acquisition and the Financing). Closing of the
Financing and payment of any finders fees are subject to TSX
Venture Exchange approval. Proceeds from the Financing will be held
in escrow pending closing of the Acquisition and will be used to
finance the Company's initial obligations under the Genexco
agreement and for general working capital.
James Hill, CEO and Director of
MCF Energy, stated, "We are pleased to see such strong demand
for the current Financing round from both new and existing
shareholders. The increase to $12
million will opportunities in Germany and Austria. MCF Energy is committed to pursuing
additional large-scale natural gas projects in Western Europe as the competition for
hydrocarbon assets and the need for energy security continues to
intensify."
About MCF Energy
MCF Energy was established in 2022 by leading energy executives
to strengthen Europe's energy
security through responsible exploration and development of natural
gas resources within the region. It has secured interests in two
significant natural gas exploration and development projects in
Austria and Germany and is evaluating additional
opportunities. The Company's leaders have extensive experience in
the European energy sector and are working to develop a cleaner,
cheaper, and more secure natural gas industry as a transition to
renewable energy sources. MCF is a publicly-traded company (TSXV:
MCF) (FRA: DC6) (OTCPK: MCFNF) and headquartered in
Vancouver, British Columbia. For
further information, please visit: www.mcfenergy.com.
Additional information on the Company and the Transaction is
available at www.sedar.com under the Company's profile.
Cautionary Statements:
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE
EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF
THIS RELEASE.
Forward-Looking
Information
Except for the statements of historical fact, this news
release contains "forward-looking information" within the meaning
of the applicable Canadian securities legislation that is based on
expectations, estimates and projections as at the date of this news
release. The information in this news release about the completion
of the proposed transaction and financing described herein, and
other forward-looking information includes but is not limited to
information concerning the intentions, plans and future actions of
the parties to the transactions described herein and the terms of
such transaction. Factors that could cause actual results to differ
materially from those described in such forward-looking information
include, but are not limited to, risks related to the Company's
inability to perform the proposed transactions.
The forward-looking information in this news release reflects
the current expectations, assumptions and/or beliefs of the Company
based on information currently available to the Company. In
connection with the forward-looking information contained in this
news release, the Company has made assumptions about the Company's
ability to complete the planned transaction and activities. The
Company has also assumed that no significant events will occur
outside of the Company's normal course of business. Although the
Company believes that the assumptions inherent in the
forward-looking information are reasonable, forward-looking
information is not a guarantee of future performance and
accordingly undue reliance should not be put on such information
due to the inherent uncertainty therein.
Any forward-looking information speaks only as of the date on
which it is made and, except as may be required by applicable
securities laws, the Company disclaims any intent or obligation to
update any forward-looking information, whether as a result of new
information, future events or results or otherwise.
SOURCE MCF Energy Ltd.