Silk Road Energy Inc. announced a non-brokered private placement of 10,000,000 units at a price of CAD 0.05 per unit for gross proceeds of up to CAD 500,000 on January 10, 2023. Each units will consist of one common share and one half common share purchase warrant entitling the holder to purchase an additional common share at a price of CAD 0.10 per share for a period of 24 months s following the issuance of warrants. The transaction is conditional upon receipt of required regulatory approvals, including the approval of the TSX Venture Exchange.

The securities issued pursuant to the offering, as well as any compensation options issued to finders, will be subject to four months and a day statutory hold period in accordance with applicable Canadian securities laws. The transaction is expected to close on or about January 31, 2023.