Corex Resources Ltd. Announces Disposition by CDPQ of Corex Share Position

CALGARY, AB, June 8, 2022 /CNW/ - Corex Resources Ltd. ("Corex" or the "Company") announces that on June 8, 2022, a limited partnership managed and controlled by Azimuth Capital Management acquired all of the common shares of Corex Resources Ltd. held by CDPQ, a global investment group.

In conjunction with such transaction, the two nominees of CDPQ on the Corex Board of Directors, Mr. Christian Grimm and Mr. Francis Doyon, have resigned as directors of Corex effective immediately. Corex would like to thank CDPQ for its support over the last 10 years as a major shareholder, having helped the Company grow its significant Manitoba operations.

This transaction is in line with CDPQ's climate strategy, including its objectives to reduce the carbon intensity of its portfolio by 60% by 2030 and to exit oil production by the end of 2022.

About Corex

Corex is a private Calgary based junior oil and natural gas company focused on building shareholder value through development drilling opportunities and pursuit of quality, complementary farm-in opportunities, accretive acquisitions, and internally generated exploration opportunities. Corex is primarily focused on cost effective, high netback, large light oil in place opportunities in Manitoba, Canada.

About CDPQ

CDPQ invests constructively to generate sustainable returns over the long term. As a global investment group managing funds for public pension and insurance plans, CDPQ works alongside its partners to build enterprises that drive performance and progress. CDPQ is active in the major financial markets, private equity, infrastructure, real estate and private debt. As at December 31, 2021, CDPQ's net assets totaled CAD 419.8 billion. For more information, visit cdpq.com, follow CDPQ on Twitter, or consult CDPQ's Facebook or LinkedIn pages.

CDPQ is a registered trademark owned by Caisse de dépôt et placement du Québec and licensed for use by its subsidiaries.

About Azimuth Capital Management

Azimuth is a North American private equity firm with 20 years of experience investing in energy transition, infrastructure, E&P and technology. With offices in the San Francisco Bay Area and Calgary, Alberta as well as Operating Partners in Houston and Denver, Azimuth's North American presence positions its experienced team of engineering and investment professionals to seek out and find the most compelling opportunities within an increasingly dynamic energy environment. Azimuth has managed four funds, two of which are still active, totaling $3.4 billion of cumulative capital including our innovative co-investment program. For more information about Azimuth, visit https://www.navigatingenergy.com/

Corex is not a reporting issuer pursuant to Canadian securities laws and as such is not subject to an obligation to publicly disclose any information respecting its business, operations, financial condition or otherwise. Corex has no duty or intention to update the information in this news release nor publicly disclose, in the future, any additional information regarding the Company, and readers should not expect Corex to provide any such updates or additional information.

SOURCE Corex Resources Ltd.

For more information respecting the above announcement, please contact: Monty Bowers, President & CEO, T: [phone], C: [phone], E: [email protected]; Brenda Mawhinney, Vice President Finance & CFO, T: [phone], C: [phone], E: [email protected]