Vancouver, British Columbia--(Newsfile Corp. - October 10, 2023) - Caravan Energy Corporation (CSE: CNRG) (FSE: V69) ("Caravan" or the "Company") is pleased to announce, further to its news release dated September 14, 2023, that it has closed its previously announced non-brokered private placement financing ("Offering").

Under the Offering, the Company issued:

7,262,524 non-flow through units of the Company ("Units"), at a price of $0.42 per Unit, for gross proceeds of $3,050,251, with each Unit comprised of one common share of the Company and one-half-of of one share purchase warrant entitling the holder to purchase one common share at a price of $0.60 for a period of two (2) years; and

6,000,000 flow-through units of the Company ("FT Units"), at a price of $0.50 per FT Unit, for gross proceeds of $3,000,000, with each FT Unit comprised of one common share that qualifies as a "flow-through share" as defined in the Income Tax Act (Canada) and one-half of one flow-through share purchase warrant entitling the holder to purchase one common share at a price of $0.60 for a period of two years.

The Company raised gross aggregate proceeds of $6,050,251 through the Offering.

The net proceeds from the sale of the FT Units will be used for qualified expenditures in respect ?of the Company's mineral properties, and the net proceeds from the sale of the Units will be ?used for general working capital purposes.?

The Company paid finder's fees and advisory fees comprised of an aggregate of 766,800 broker warrants (each, a "Broker Warrant") and $348,994 in cash to certain finders in connection with the sale of Units and FT Units to purchasers introduced to the Company by such finders. Each Broker Warrant entitles the holder thereof to purchase one common share at a price of $0.60 for a period of two ??(2) years.

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https://www.newsfilecorp.com/release/183449/Caravan-Announces-Closing-of-Equity-Financing-Mineral-Claims-Acquisitions