JESMOND CAPITAL LTD. - UPDATE

CALGARY, AB, May 31, 2024 /CNW/ - Jesmond Capital Ltd. (TSXV: JES.P) ("Jesmond" or the "Company") As previously announced on April 3, 2024, Jesmond has terminated its previously announced "Qualifying Transaction" with Quattro Energy Limited ("Quattro").

Jesmond and Quattro were engaged for over a year attempting to secure the acquisition of certain oil & gas assets in the North Sea both through a previously announced private transaction and the ongoing United Kingdom's 33^rd Offshore Oil and Gas Licensing Round. Unfortunately, the private asset transaction was not completed prior to licence expiry and a licence extension was not granted.

Jesmond and Quattro have agreed to continue to work together to seek opportunities in the oil & gas sector although Jesmond is also considering transactions in other sectors in the event a suitable oil & gas sector Qualifying Transaction is not identified.

Completion of any qualifying transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable pursuant to Exchange Requirements, majority of the minority shareholder approval. Where applicable, a qualifying transaction cannot close until the required shareholder approval is obtained. There can be no assurance that a qualifying transaction will be completed.

Investors are cautioned that, trading in the securities of a capital pool company should be considered highly speculative

The TSX Venture Exchange Inc. has neither approved nor disapproved the contents of this news release.

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

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the structure, terms, conditions and proposed timing for completion of a qualifying transaction.  Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors, which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive shareholder or regulatory approvals; and the results of continued development, marketing and sales. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Jesmond disclaims any intention or obligation to update or revise any forward-looking statements, whether because of new information, future events or otherwise, except as required by law.

SOURCE Jesmond Capital Ltd.

Jesmond Capital Ltd., Stuart Olley, Chief Executive Officer and Director, Telephone: [phone], Email: [email protected]