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Canacol Energy Ltd. Announces Closing of $500 Million Private Offering of 5.75% Senior Notes

CALGARY, Alberta, Nov. 24, 2021 (World NEWSWIRE) — More to its information launch dated November 16, 2021, Canacol Energy Ltd. (“Canacol” or the “Corporation”) (TSX:CNE) (OTCQX:CNNEF) (BVC:CNEC) is delighted to announce that it has finished its earlier introduced giving of U.S. $500 million aggregate principal amount of money of 5.75% senior unsecured notes owing 2028 (the “Notes”).

Canacol intends to use the proceeds of the Providing to (i) refinance its fantastic 7.250% Senior Notes because of 2025 (the “2025 Notes”) pursuant to the Tender Present and Consent Solicitation described in Canacol’s press releases dated November 8, 2021 and November 22, 2021 (the “Tender Offer”), (ii) pay out the fees and bills of the Tender Offer, (iii) to refinance specific other existing indebtedness of Canacol, and (iv) for common corporate purposes, together with funds expenditures.

By replacing the 2025 Notes, Canacol will gain from (i) replacing the 2025 Notes that bear an interest rate of 7.250% with the 2028 Notes that bear an interest amount of 5.75% (ii) a Observe indenture that will have significantly less restrictive covenants (iii) deferring the maturity day of Canacol’s most major indebtedness by a few many years and (iv) additional liquidity to be made use of in direction of money expenditures.

The Notes have been available and marketed only to experienced institutional purchasers in the United States pursuant to Rule 144A beneath the Securities Act of 1933, as amended (the “Securities Act”), to non-U.S. persons in transactions outdoors the United States pursuant to Regulation S underneath the Securities Act and pursuant to certain prospectus exemptions in Canada. The Notes have not been registered underneath the Securities Act, or the securities rules of any other jurisdiction, and may possibly not be made available or bought in the United States absent registration or an relevant exemption from registration prerequisites. This push launch is neither an offer to promote nor a solicitation of an offer you to buy the Notes, nor shall there be any sale of these securities in any condition or jurisdiction in which this sort of an present, solicitation or sale would be unlawful prior to the registration or qualification below the securities guidelines of any such state or jurisdiction.

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About Canacol

Canacol is a natural gas exploration and production enterprise with operations focused in Colombia. The Corporation’s frequent stock trades on the Toronto Inventory Exchange, the OTCQX in the United States of The us, and the Colombia Stock Trade under ticker image CNE, CNNEF, and CNE.C, respectively.

Forward-On the lookout Statements

This information launch consists of “forward-looking statements” inside the which means of the Personal Securities Litigation Reform Act of 1995 and relevant Canadian securities legislation. All statements other than statements of historical reality contained in this news release may well be ahead-wanting statements. These kinds of statements can commonly be identified by words these types of as “may,” “target,” “could,” “would,” “will,” “should,” “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee” and other comparable terms or phrases. In specific, ahead-looking statements herein contain, but are not minimal to, statements relating to the expectations relating to the use of proceeds of the proposed presenting. This kind of ahead-seeking statements include acknowledged and mysterious risks, uncertainties and other components that might lead to real final results or activities to vary materially from all those predicted in the ahead-on the lookout statements. Canacol believes that the anticipations mirrored in these types of forward-seeking statements are acceptable, but no assurance can be offered that these expectations will demonstrate to be accurate and such ahead-hunting statements ought to not be unduly relied upon. The ahead-wanting statements are expressly qualified in their entirety by this cautionary assertion. The forward-wanting statements are made as of the date of this information launch and Canacol assumes no obligation to update or revise them to replicate new gatherings or circumstances, besides as expressly needed by applicable securities regulation. Further info relating to risks and uncertainties relating to Canacol and its securities can be found in the disclosure paperwork filed by Canacol with the securities regulatory authorities, obtainable at www.sedar.com.


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