Rubellite Energy Inc. Funding

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This press release is published in accordance with section 5.2 of National Instrument 62-104 – Takeover bids and public buyback offers.

CALGARY, AB, October 5, 2021 / CNW / – Dreamworks Investment Holdings Ltd. (“Dreamworks”) acquired a total of 11,834,497 common shares (“common shares”) of Rubellite Energy Inc. (“Rubellite”), all at a price of $ 2.00 per ordinary share, for an aggregate consideration of $ 23,668,994.00 (the transaction”).

The ordinary shares were acquired as part of the transaction by means of a combination of certain Rubellite financings consisting of: (i) a $ 33.5 million financing by arrangement warrants by which the shareholders of Perpetual Energy Inc. (“Perpetual”) received arrangement warrants giving them the possibility of purchasing Rubellite shares in addition to the Rubellite shares issued under a reorganization of Perpetual, approved by its shareholders on August 31, 2021; and (ii) the simultaneous closing of the maximum $ 20 million raised as part of the fully subscribed private placement without intermediary.

The 11,834,497 common shares acquired by Dreamworks as part of the transaction constitute approximately 27.0% of the 43,809,869 common shares outstanding.

Dreamworks is a company controlled by Susan L. Riddell Rose (“S. Rose”). Prior to the transaction, S. Rose owned, controlled or directed 534,955 common shares, representing approximately 25.8% of the outstanding common shares. As a result of the transaction, S. Rose owns, controls or directs 13,531,336 common shares, which represents approximately 30.9% of the outstanding common shares. S. Rose does not own, control or order any options or warrants to acquire Common Shares that vest or vest within 60 days.

The Transaction was carried out for investment purposes.

For information or a copy of the related Rubellite Early Warning Report, a copy of which is on www.sedar.com, please contact:

SOURCE Dreamworks Investment Holdings Ltd.

For further information: Dreamworks Investment Holdings Ltd., c / s Susan L. Riddell Rose, Suite 3200, 605 5th Avenue SW, Calgary, Alberta T2P 3H5, Phone: (403) 269-4400


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