Distinction Energy Corp. Announces Closing of Private Placement

CALGARY, Alberta, Feb. 24, 2021 (GLOBE NEWSWIRE) — Distinction Energy Corp. (formerly named Delphi Energy Corp.) (“Distinction” or the “Corporation”) is pleased to announce the closing of a brokered private placement and a non-brokered private placement (collectively, the “Offering”) of an aggregate of 265,331 special warrants of the Corporation (“Special Warrants”) issued at a price of $15.00 per Special Warrant for gross proceeds of $3,979,965. The Special Warrants were issued pursuant to, and are governed by, a special warrant indenture between the Corporation and Computershare Trust Company of Canada acting as special warrant agent on behalf of the holders of the Special Warrants. ATB Capital Markets Inc. (the “Agent”) acted as the sole agent for the brokered private placement.
Each Special Warrant is, subject to adjustments in certain circumstances, exercisable into one class A common share in the capital of the Corporation (each, a “Common Share”) without payment of any additional consideration.All unexercised Special Warrants shall be deemed exercised on behalf of, and without any required action on the part of the holders (including payment of additional consideration) on the earlier of:the fifth business day following the date on which a final receipt is obtained from the Alberta Securities Commission, as principal regulator on behalf of the securities regulatory authorities in each of the qualifying jurisdictions, for a (final) long form prospectus (the qualifying for distribution of the Common Shares underlying the Special Warrants; and4:30 p.m. (Calgary time) on June 25, 2021.The Special Warrants and the Common Shares issuable upon exercise or deemed exercise thereof are subject to a statutory hold period which expires four months and one day from the date of issuance.After giving effect to the Offering, there are 9,437,523 Common Shares and 265,331 Special Warrants issued and outstanding.About Distinction Energy Corp.Distinction Energy Corp. is an industry-leading producer of liquids-rich natural gas. The Company has achieved top decile results through the development of our high quality Montney property, uniquely positioned in the Deep Basin of Bigstone, in northwest Alberta. Distinction continues to outperform key industry players by improving operational efficiencies and growing our dominant Bigstone land position in this world-class play. Distinction is headquartered in Calgary, Alberta.FOR FURTHER INFORMATION PLEASE CONTACT:DISTINCTION ENERGY CORP.
2300 – 333 – 7th Avenue S.W.
Calgary, Alberta
T2P 2Z1
Telephone: (403) 265-6171 Facsimile: (403) 265-6207
Email: [email protected] Website: www.distinctionenergy.ca
President, CEO & Chairman
Forward Looking InformationThis press release includes certain statements that may be deemed “forward-looking statements”. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “would”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, the exercise or deemed exercise of the Special Warrants and the filing of, and final receipt issued in respect of, a prospectus to qualify the Common Shares underlying the Special Warrants. Although the Corporation 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 the Corporation 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. These statements speak only as of the date of this Press Release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Corporation’s disclosure documents which can be found under the Corporation’s profile on www.sedar.com.

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