On May 8, 2024, Saturn Oil & Gas Inc. announced the closing of a CAD 100,001,900 subscription receipt offering, issuing 42,554,000 subscription receipts at CAD 2.35 each. This financing supports Saturn’s acquisition of oil and gas assets in Saskatchewan valued at approximately CAD 600 million (CAD 525 million after adjustments), expected to close around June 14, 2024. Each subscription receipt will convert into one common share upon the successful closing of the acquisition, with escrow conditions managed by Odyssey Trust Company. If these conditions are unmet, investors will be refunded their purchase prices plus interest.

The underwriting syndicate was led by Echelon Wealth Partners Inc. as lead underwriter and sole bookrunner, alongside National Bank Financial Inc., Canaccord Genuity Corp., and Eight Capital. Legal advisors for Saturn included Dentons Canada LLP, while DLA Piper (Canada) LLP represented the underwriters.