NEWBURY PARK, Calif.--(BUSINESS WIRE)--Kolibri Global Energy Inc. (the "Company") (TSX:KEI) announces that it will conduct a rights offering (the "Offering") to raise net proceeds of up to approximately C$8.86 million, through the issuance of rights ("Rights") to all existing shareholders in eligible jurisdictions to subscribe for an aggregate of 126,585,714 common shares of the Company ("Common Shares") at a subscription price of C$0.07 per Common Share (the "Subscription Price").
The Company will issue one Right for each outstanding Common Share to holders of Common Shares of record at the close of business on December 1, 2021. Each Right will be exercisable to acquire 0.5435 Common Shares of the Company, upon payment of the subscription price per Common Share. Fractional shares will not be issued and any fractions will be rounded down to the nearest whole number. To illustrate: an eligible holder of 10,000 shares as of the record date would be issued 10,000 Rights, which would entitle the holder to subscribe for 5,435 shares (10,000 x 0.5435) for an aggregate price of C$380.45 (5,435 x C$0.07). Additional information is provided in the Company's rights offering circular dated November 23, 2021 (the "Rights Offering Circular"), which will be available as set out below.
The Rights will trade on the Toronto Stock Exchange under the symbol "KEI.RT" until 9:00 a.m. (Pacific Time) on December 29, 2021. The Rights will expire at 2:00 p.m. (Pacific Time) on December 29, 2021...
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