2652862 Alberta Ltd. Announces Filing of Early Warning Report

CALGARY, AB, Nov. 1, 2024 /CNW/ - 2652862 Alberta Ltd. (the "Acquiror") provides the following early warning disclosure under applicable Canadian securities laws in connection with the transfer from Third Eye Capital Corporation ("TECC") of an aggregate of 23,255,813 common shares (the "Common Shares") in the capital of Pieridae Energy Limited (the "Issuer") and 5,000,000 Common Share purchase warrants of the Issuer (the "Warrants"). Each Warrant is exercisable to purchase one Common Share at an exercise price of $0.70 per Common Share until March 31, 2026. The Acquiror is an indirect wholly-owned subsidiary of TECC.

Prior to the transfer, the Acquiror did not have beneficial ownership and control over any Common Shares or Warrants. Immediately following the transfer, the Acquiror had beneficial ownership and control over: (i) 23,255,813 Common Shares, representing approximately 8.00% of the issued and outstanding Common Shares; and (ii) 5,000,000 Warrants to purchase up to 5,000,000 Common Shares. If the Warrants were exercised in full, the Acquiror would beneficially own and control 28,255,813 Common Shares, or approximately 9.57% of the issued and outstanding Common Shares.

The Acquiror, TECC or another affiliate of TECC may, depending on various factors including, without limitation, market and other conditions, increase or decrease their beneficial ownership, control or direction over additional securities of the Issuer, through market transactions, private agreements, treasury issuances, exercises of convertible securities or otherwise.

On October 26, 2023, TECC acquired beneficial ownership and control over an aggregate of 23,255,813 Common Shares and 5,000,000 Warrants as a result of a transfer of the Common Shares and Warrants from Erikson National Energy Inc. ("Erikson") resulting from certain agreements dated October 16, 2023 between Erikson and TECC (together, the "Agreements"). Erikson is controlled by certain investment funds managed, advised or operated by affiliates of TECC.

Prior to the transfer, TECC did not have beneficial ownership and control over any Common Shares and Warrants.

Immediately following the transfer of the Common Shares and Warrants on October 26, 2023 pursuant to the Agreements, TECC had beneficial ownership and control over: (i) 23,255,813 Common Shares, representing approximately 13.53% of the issued and outstanding Common Shares as of October 26, 2023; and (ii) 5,000,000 Warrants to purchase up to 5,000,000 Common Shares. If the Warrants were exercised in full, TECC would beneficially own and control 28,255,813 Common Shares, or approximately 15.97% of the issued and outstanding Common Shares as of October 26, 2023.

The Acquiror, Erikson and TECC are affiliates under applicable Canadian securities laws, deemed to beneficially own and control any Common Shares held by any of the Acquiror, Erikson or TECC.

The address of the Issuer is Suite 3100, 308 4^th Avenue SW, Calgary, Alberta, T2P 0H7. The address of the Acquiror is 4500 Bankers Hall East, 855 2^nd Street SW, Calgary, Alberta, T2P 4K7. The address of TECC is Brookfield Place, Bay Wellington Tower, 181 Bay Street, Suite 2830, Toronto, Ontario, M5J 2T3.

This news release is issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also requires a report to be filed with regulatory authorities in each of the jurisdictions in which the Issuer is a reporting issuer containing information with respect to the foregoing matters (the "Early Warning Report"). A copy of each of the Early Warning Reports of the Acquiror and TECC will be available under the Issuer's profile at www.sedarplus.com or may be obtained by contacting Patrick Harnett at [phone].

SOURCE 2652862 Alberta Ltd.