REG - Eco (Atlantic) O&G - Completion of Direct Equity Subscription of US$10m

Eco (Atlantic) Oil & GasAnnouncement

29/01/2026 16:15

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RNS Number : 9797Q  Eco (Atlantic) Oil and Gas Ltd.  29 January 2026

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR
THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE,
PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET
ABUSE REGULATION (EU No. 596/2014) ("MAR"). UPON THE PUBLICATION OF THIS
ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS
NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

29 January 2026

 

ECO (ATLANTIC) OIL & GAS LTD.

("Eco", "Company", "Eco" or, together with its subsidiaries, the "Group")

 

Completion of Direct Equity Subscription of US$10 million

 

Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO, TSX-V:EOG) is pleased to
confirm, that further to its announcement on 23 January 2026, following
conditional approval from the TSX Venture Exchange, all conditions save for
Admission have been satisfied, pursuant to the previously announced
Subscription of 26,909,091 new common shares (the "Subscription Shares") at an
issue price of 27.5 pence (CAD 0.51) per share and the issuance of one warrant
for each Subscription Share (the "Warrants"). Each Warrant will entitle the
holder to subscribe for one new Common Share at an exercise price of 40 pence
(CAD 0.74) per share and will be exercisable for a period of three years from
the date of Admission. Admission of the Subscription Shares to AIM will take
place at 8.00am (GMT) on 30 January 2026.

 

Following Admission, the issued share capital of the Company will be
342,141,027 Common Shares. The above figure may be used by shareholders as the
denominator for the calculations by which they will determine if they are
required to notify their interest in, or a change to their interest in, the
share capital of the Company under the FCA's Disclosure Guidance and
Transparency Rules.

 

Full terms of the Subscription can be found in the Company's announcement
titled "Direct Equity Subscription of US$10 million and Issue of Warrants"
dated 23 January 2026, and all defined terms used in this announcement shall
have the same meaning as in this announcement unless otherwise defined herein.

 

The Subscription Shares will be admitted to trading on AIM. The securities
have not been and will not be registered under the U.S. Securities Act of
1933, as amended, or under applicable Canadian securities laws, and may not be
offered or sold in the United States or Canada absent registration or an
applicable exemption.

 

For more information, please visit www.ecooilandgas.com
(http://www.ecooilandgas.com)  or contact the following:

 

 Eco Atlantic Oil and Gas                                          c/o Celicourt +44 (0) 20 7770 6424
 Gil Holzman, President and Chief Executive Officer

 Alice Carroll, VP, Business Development & Corporate Affairs
 Strand Hanson (Financial & Nominated Adviser)                     +44 (0) 20 7409 3494
 James Harris, James Bellman
 Canaccord Genuity Capital Markets (Joint Broker)                  +44 20 7523 8000
 Henry Fitzgerald-O'Connor, Charlie Hammond
 Berenberg (Joint Broker)                                          +44 (0) 20 3207 7800
 Mathew Armitt
 Celicourt (PR)                                                    +44 (0) 20 7770 6424
 Mark Antelme, Charles Denley-Myerson

 

For the purposes of MAR and Article 2 of Commission Implementing Regulation
(EU) 2016/1055 (as transposed into the laws of the United Kingdom), the person
responsible for arranging for the release of this Announcement on behalf of
the Company is Gil Holzman, Co-Founder and CEO of Eco Atlantic.

 

Notes to editors

 

Eco Atlantic is a TSX-V and AIM-quoted Atlantic Margin-focused oil and gas
exploration company with offshore license interests in Guyana, Namibia, and
South Africa. Eco aims to deliver material value for its stakeholders through
its role in the energy transition to explore for low carbon intensity oil and
gas in stable emerging markets close to infrastructure.

 

In Offshore Guyana, in the proven Guyana-Suriname Basin, the Company operates
a 100% Working Interest in the 1,354 km(2) Orinduik Block. In Namibia, the
Company holds Operatorship and an 85% Working Interest in three offshore
Petroleum Licences: PELs: 97, 99, and 100, representing a combined area of
22,893 km(2) in the Walvis Basin. In Offshore South Africa, Eco holds a 5.25%
Working Interest in Block 3B/4B and a 75% Operated Interest in Block 1 CBK, in
the Orange Basin, totalling approximately 37,510km(2).

 

Neither 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.

 

Additional Information

 

This Announcement does not constitute or form part of any offer or
solicitation to sell or issue securities to the public. No public offering of
securities is being made in the United Kingdom, Israel, Canada, the United
States or elsewhere.

 

 

This news release contains "forward-looking information" within the meaning of
applicable Canadian securities legislation. All statements in this news
release, other than statements of historical fact, that address events or
developments that Eco expects to occur, are "forward-looking statements".
Forward-looking statements are statements that are not historical facts and
are generally, but not always, identified by the words "expects", "does not
expect", "plans", "anticipates", "does not anticipate", "believes", "intends",
"estimates", "projects", "potential", "scheduled", "forecast", "budget" and
similar expressions, or that events or conditions "will", "would", "may",
"could", "should" or "might" occur.

 

All such forward-looking statements are based on the opinions and estimates of
the relevant management as of the date such statements are made and are
subject to certain assumptions, important risk factors and uncertainties, many
of which are beyond Eco's ability to control or predict. Forward-looking
statements are necessarily based on estimates and assumptions that are
inherently subject to known and unknown risks, uncertainties and other factors
that may cause actual results, level of activity, performance or achievements
to be materially different from those expressed or implied by such
forward-looking statements. In the case of Eco, these facts include the
Company's anticipated use of proceeds of the Subscription, statements
respecting receipt of final approval of the TSXV, as well as anticipated
operations in future periods, and plans related to its business and other
matters that may occur in the future. This information relates to analyses and
other information that is based on expectations of future performance and
planned work programs.

Forward-looking information is subject to a variety of known and unknown
risks, uncertainties and other factors which could cause actual events or
results to differ from those expressed or implied by the forward-looking
information. Should one or more risks and uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary materially
from those described in the forward-looking information or statements.

 

Eco's forward-looking information is based on the reasonable beliefs,
expectations and opinions of the Company's respective management on the date
the statements are made, and Eco does not assume any obligation to update
forward looking information if circumstances or management's beliefs,
expectations or opinions change, except as required by law. For the reasons
set forth above, investors should not place undue reliance on forward-looking
information. For a complete discussion with respect to Eco and risks
associated with forward-looking information and forward-looking statements,
please refer to Eco's continuous disclosure documents which are filed on
SEDAR+ at www.sedarplus.ca.

 

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