RISCO ENERGY INVESTMENTS (SEA) LIMITED ACQUIRES COMMON SHARES OF CANASIA ENERGY CORP.

SINGAPORE, Jan. 16, 2024 /CNW/ - Risco Energy Investments (SEA) Limited ("Risco") announces that it acquired 10,000,000 common shares of CanAsia Energy Corp. ("CanAsia") (TSXV: CEC) on January 16, 2024, in addition to 10,000,000 CanAsia common shares that Risco acquired on December 21, 2023. CanAsia issued an aggregate of 63,000,000 shares on those dates pursuant to a private placement, which resulted in 112,793,907 issued and outstanding shares. The issue price of each share was CAD $0.10. The aggregate consideration paid by Risco was CAD $1,000,000 on December 21, 2023 and CAD $1,000,000 on January 16, 2024.

The 10,000,000 CanAsia common shares acquired by Risco on January 16, 2024 increased its ownership from 10,000,000 (9.98%) of 100,213,907 common shares to 20,000,000 (17.7%) of 112,793,907 common shares.

The CanAsia common shares were acquired by Risco in the ordinary course of business for investment purposes only and not for the purpose of exercising control or direction over CanAsia.

Risco will file an early warning report under Canadian Securities Administrators National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, describing the above transaction. The report will be available under CanAsia's profile at www.sedarplus.ca. In addition, a copy of the report may be obtained from Damien Servant of Risco, at [email protected] and [phone].             

SOURCE CanAsia Energy Corp.