ROK Resources Inc. announces closing of upsized bought public offering of subscription receipts to raise gross proceeds of C$17,300,000

On March 4, 2022, ROK Resources Inc. (the "Company") closed its previously announced marketed public offering (the "Offering"). The Offering was completed through a syndicate of underwriters led by Echelon Wealth Partners Inc., as sole lead underwriter and sole bookrunner pursuant to which it issued an aggregate of 95,834,100 subscription receipts (the "Subscription Receipts") of the Company, at a price of C$0.18 per Subscription Unit, to raise aggregate gross proceeds of C$17,300,000 (including full exercise of an over-allotment option). The Offering was upsized from the originally announced maximum base offering of C$15,000,000.

Each Subscription Unit consisted of one class "B" common share of the Company (each a “Common Share”) and one Common Share purchase warrant (each a “Warrant”). Each Warrant entitles the holder thereof to acquire one Common Share for an exercise price of C$0.25 until March 4, 2025.

The Company will use the net proceeds of the Offering, along with the funds drawn from the previously announced senior secured loan facility with Anvil Channel Energy Solutions, to fund the purchase price and related transaction costs payable in connection with the previously announced acquisition of certain oil & gas assets from Federated Co-operatives Limited and its wholly-owned subsidiary 2214896 Alberta Ltd., and for general working capital purposes.

Echelon Wealth Partners Inc., was advised by Fasken with a team comprised of Jason Giborski and Payton Holliss (Capital Markets and Mergers & Acquisitions).