Bengal Energy Ltd. announced that that it has entered into definitive agreements with respect to a non-brokered private placement of approximately 52,300,000 common shares at a price of CAD 0.08 per common share for aggregate gross proceeds of approximately CAD 4,200,000 on March 1, 2022. The transaction will include participation from existing investor, Texada Capital Management Ltd for 41,067,871 common shares. All securities issued pursuant to the transaction will be subject to a 4 month and a day hold period under securities laws, in addition to any other hold period or restrictions required by applicable securities laws.

The closing of the transaction is subject to customary closing conditions, including, but not limited to, receipt of all necessary approvals, including approval by the TSX. The transaction is expected to close on or about March 3, 2022.