CanCambria Energy Corp (TSXV: CCEC) (the “Company” or “CanCambria”) is pleased to announce that it has closed the first tranche (the “Initial Tranche“) of its non-brokered private placement (the “Offering”) announced on January 7, 2025 (the “Previous Announcement“), issuing a total of 5,273,000 units (the “Units”) of the Company at a price of $0.50 per Unit for aggregate proceeds of $2,636,500.

Each Unit in the Initial Tranche consists of one (1) common share of the Company and one (1) common share purchase warrant, with each such warrant exercisable at a price of $0.75 per common share until January 13, 2028. All securities issued in the Initial Tranche are subject to a hold period expiring on May 14, 2025.

In connection with the Initial Tranche, the Company paid a cash finder’s fee in the amount of $184,555 (being settled in its next tranche) and issued 369,110 finder’s warrants (the “Finder’s Warrants”), equal to 7% of the Units sold pursuant to the Initial Tranche, with each Finder’s Warrant exercisable into a common share of the Company at a price of $0.75 per common share until January 13, 2028.

Furthermore, the Company intends to increase (the “Increase”) the amount of the Offering by an additional $1,225,000 (the “Additional Proceeds”) through the issuance of an additional 2,450,000 Units, for combined gross proceeds of up to $4,725,000.

As previously announced, the proceeds from the Offering (including the Additional Proceeds) are intended to be used to further advance the Company’s 100%-owned Kiskunhalas Project in southern Hungary, and for general corporate purposes and working capital.

With respect to the Increase, all other terms remain unchanged from the Previous Announcement. The closing of the Initial Tranche and any subsequent tranches of the Offering remain subject to receipt of all necessary regulatory approvals, including final approval by the TSX Venture Exchange (the “Exchange”).

The securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “1933 Act”), or any state securities laws and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act), except pursuant to an exemption from the registration requirements of those laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction other than as specified herein including the United States, or for the account or benefit of U.S. persons (as such term is defined in Regulation S under the 1933 Act).

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Certain information other than statements of historical facts contained in this news release constitutes “forward-looking information” or “forward-looking statements” (collectively, “forward-looking information”). Without limiting the foregoing, such forward-looking information includes statements regarding the Offering, Company’s business plans, expectations, capital costs and objectives. In this news release, words such as “may”, “would”, “could”, “will”, “likely”, “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate” and similar words and the negative form thereof are used to identify forward-looking information. Forward-looking information should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking information is based on information available at the time and/or the Company management’s good faith belief with respect to future events and is subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company’s control. The forward-looking information set forth herein reflects the Company’s expectations as at the date of this news release and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.