Date Closed

March 20, 2024

Lead Office

Calgary

Value

38.00 Million CAD

On March 20, 2024, Journey Energy Inc. (“Journey”) closed a convertible debenture financing lead by Echelon Wealth Partners Inc. pursuant to which 38,000 senior unsecured convertible debentures of Journey (the “Convertible Debentures“, each a “Convertible Debenture“) at a price of $1,000 per Convertible Debenture were issued for total gross proceeds of C$38,000,000.

Each Convertible Debenture is convertible into common shares of Journey at a price of $5.00 per share for a period of five years following the closing date. The Convertible Debentures will bear interest at a rate of 10.25% per annum payable semi-annually in arrears on March 31 and September 30 in each year commencing September 30, 2024.

Journey is a Canadian exploration and production company focused on oil-weighted operations in western Canada. Journey’s strategy is to grow its production base by drilling on its existing core lands, implementing water flood projects, and by executing on accretive acquisitions. Journey seeks to optimize its legacy oil pools on existing lands through the application of best practices in horizontal drilling and, where feasible, with water floods.

McCarthy Tétrault assisted Journey with a team led by Brad Squibb that included Farhiyah Shariff, Karsten Carriere and Kiana Mozaffari (Business).