Equity Capital Markets and Advisory Business, Auctus Advisors

Auctus Advisors

Equity Capital Markets and Advisory Business

Auctus Advisors is a specialist Equity Capital Markets and Advisory business with a focus in the Energy Sector. The partners have complementary skill sets, with decades of experience across Equity Capital Markets, Investment Banking and the Energy industry. We have worked at Société Générale, Canaccord Capital, BMO Capital Markets and Schlumberger. Most recently we have worked together for many years at GMP FirstEnergy. Auctus has been set up at the beginning of a new decade in which we see significant opportunities in the Energy space. Globally, demand for energy is at record levels and continues to grow. Conversely, investment in traditional energy sources has been severely constrained. We believe this imbalance creates opportunities for both companies and investors. Auctus provides Corporate Broking, Equity Research and Investment Banking services.

Equity Bottom-Up

<ul>
<li>Criterium has signed a letter of intent to sell its 42.5% interest in Bulu for US$7.75 mm. US$2 mm will be received as a non-refundable deposit upon signing of the definitive agreement (expected imminently) and the remaining US$5.75 mm will be due upon closing, which is expected in 1Q24. </li>
<li>The company acquired the interest in Bulu for US$1.6 mm. The sale price represents ~5x that amount. </li>
<li>Completion of the transaction requires only customary notifications in New Zealand and Indonesia. </li>
</ul>


Criterium has signed a letter of intent to sell its 42.5% interest in Bulu for US$7.75 mm. US$2 mm will be received as a non-refundable deposit upon signing of the definitive agreement (expected imminently) and the remaining US$5.75 mm will be due upon closing, which is expected in 1Q24. 
The company acquired the interest in Bulu for US$1.6 mm. The sale price represents ~5x that amount. 
Completion of the transaction requires only customary notifications in New Zealand and Indonesia. 


Criterium Energy Ltd (TSX-V: CEQ): Sale of Bulu unlocks value and transforms the company’s balance sheet

<ul><li>• The completion payment by Criterium on the closing of the Mont d’Or acquisition has been reduced by 60% to US$4.5 mm. • Only US$4.1 mm will now be repaid to Mont d’Or debt holders on completing the acquisition (US$9.6 mm previously) with US$0.5 mm being written down (US$4.3 mm previously). • On completion of the acquisition, Criterium is expected to hold US$25 mm of debt and US$8 mm in cash (including US$4.5 mm of new equity) resulting in US$17 mm in net debt (excluding US$3.0 mm of Mont d’Or residual debt to be converted into equity in 2025).</li></ul>

• The completion payment by Criterium on the closing of the Mont d’Or acquisition has been reduced by 60% to US$4.5 mm. • Only US$4.1 mm will now be repaid to Mont d’Or debt holders on completing the acquisition (US$9.6 mm previously) with US$0.5 mm being written down (US$4.3 mm previously). • On completion of the acquisition, Criterium is expected to hold US$25 mm of debt and US$8 mm in cash (including US$4.5 mm of new equity) resulting in US$17 mm in net debt (excluding US$3.0 mm of Mont d’Or residual debt to be converted into equity in 2025).

Criterium Energy Ltd (TSX-V: CEQ): Further improvements on Mont d’Or transaction terms

<ul>
<li>Calima Energy (CE1 AU); target price of A$0.45 per share: Operating update in Canada – The 3-well Pisces drilling programme has now been completed.</li>
<li>3Q23 production levels continue to be affected by weather related energy cuts and unforeseen work-overs.</li>
<li>Valeura Energy (VLE CN)C; target price of C$6.40 per share: 3Q23 update – 3Q23 production was 19,961 boe/d.</li>
</ul>


Calima Energy (CE1 AU); target price of A$0.45 per share: Operating update in Canada – The 3-well Pisces drilling programme has now been completed.
3Q23 production levels continue to be affected by weather related energy cuts and unforeseen work-overs.
Valeura Energy (VLE CN)C; target price of C$6.40 per share: 3Q23 update – 3Q23 production was 19,961 boe/d.


<ul>
<li>The funding package associated with the acquisition of Mont d’Or (MOPL) has been upsized from C$15.3 mm to C$18.9 mm.</li>
<li>This comprises C$12.2 mm of convertible (C$10 mm previously) and C$6.7 mm of new equity (C$5.3 mm previously).</li>
<li>The convertible holder will also be issued 76.25 mm warrants (62.5 mm previously) at an exercise price C$0.14/sh.</li>
</ul>


The funding package associated with the acquisition of Mont d’Or (MOPL) has been upsized from C$15.3 mm to C$18.9 mm.
This comprises C$12.2 mm of convertible (C$10 mm previously) and C$6.7 mm of new equity (C$5.3 mm previously).
The convertible holder will also be issued 76.25 mm warrants (62.5 mm previously) at an exercise price C$0.14/sh.


Criterium Energy Ltd (TSX-V: CEQ): Funding for Indonesia acquisition upsized

<ul>
<li>Criterium has renegotiated the terms of the Mont d’Or (MOPL) acquisition.</li>
<li>Tourmalet (a subsidiary of Provident Capital Partners, the seller of MOPL) will, as before, be issued US$1 mm in Criterium shares at closing.</li>
<li>Criterium is raising new capital of C$15.3 mm, comprising C$10 mm of convertible debt plus C$5.3 mm of new equity.</li>
</ul>


Criterium has renegotiated the terms of the Mont d’Or (MOPL) acquisition.
Tourmalet (a subsidiary of Provident Capital Partners, the seller of MOPL) will, as before, be issued US$1 mm in Criterium shares at closing.
Criterium is raising new capital of C$15.3 mm, comprising C$10 mm of convertible debt plus C$5.3 mm of new equity.


Criterium Energy Ltd (TSX-V: CEQ): Transactions repriced on more attractive terms

Canada

Criterium Energy Ltd. is a mineral exploration and mining company. The Company mines for oil and gas in southern Turkey. Criterium Energy also mines for diamonds, gold, and base metals in Greenland.

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Criterium Energy (CEQ CN)

Criterium Energy Ltd (TSX-V: CEQ): Sale of Bulu unlocks value and transforms the company’s balance sheet

Criterium has signed a letter of intent to sell its 42.5% interest in Bulu for US$7.75 mm. US$2 mm will be received as a non-refundable deposit...

Auctus Advisors

Criterium Energy Ltd (TSX-V: CEQ): Further improvements on Mont d’Or transaction terms

• The completion payment by Criterium on the closing of the Mont d’Or acquisition has been reduced by 60% to US$4.5 mm. • Only US$4.1 mm will now...

Auctus Advisors

Auctus on Friday - 06/10/2023

Calima Energy (CE1 AU); target price of A$0.45 per share: Operating update in Canada – The 3-well Pisces drilling programme has now been completed.

Auctus Advisors

Criterium Energy Ltd (TSX-V: CEQ): Funding for Indonesia acquisition upsized

• The funding package associated with the acquisition of Mont d’Or (MOPL) has been upsized from C$15.3 mm to C$18.9 mm. • This comprises C$12.2 mm...

Auctus Advisors

Criterium Energy Ltd (TSX-V: CEQ): Transactions repriced on more attractive terms

Tourmalet (a subsidiary of Provident Capital Partners, the seller of MOPL) will, as before, be issued US$1 mm in Criterium shares at closing.

Auctus Advisors

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