Century Announces Launch of Rights Offering

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES

TORONTO, June 01, 2023 (GLOBE NEWSWIRE) -- Century Global Commodities Corporation (TSX: CNT) (the “Company” or “Century”), is pleased to announce it is undertaking a rights offering to raise gross proceeds of $394,018. The Company will be offering 98,504,571 rights (the “Rights”) to holders (the “Shareholders”) of its ordinary shares of the Company (“Shares”) at the close of business on the record date of June 9, 2023 (the “Record Date”) on the basis of one (1) Right for each one (1) Share held (the “Rights Offering”). Five (5) Rights will entitle the holder to subscribe for one Share upon payment of the subscription price of CAD$0.02 per Share (the “Basic Subscription Privilege”). Shareholders who fully exercise their Rights under the Basic Subscription Privilege will also be entitled to subscribe for additional Shares, on a pro rata basis, if available as a result of unexercised Rights prior to the expiry time of the Rights Offering (the “Additional Subscription Privilege”).

The Rights will be listed and posted for trading on the Toronto Stock Exchange (the “TSX”) under the symbol “CNT.RT” on a “when issued” basis commencing on June 8, 2023 and will trade until 9:00 a.m. (Pacific time) on July 7, 2023. The Rights will expire at 2:00 p.m. (Pacific Time) (the “Expiry Time”) on July 7, 2023, after which time unexercised Rights will be void and of no value.

The Rights will be offered to Shareholders resident in (i) all provinces and territories of Canada and (ii) in Hong Kong (collectively, the “Eligible Jurisdictions”). Shareholders will be presumed to be resident in the place shown on the securities register, unless the contrary is shown to the Company’s satisfaction. Neither the Notice (defined below), nor the Circular (defined below) is to be construed as an offering of the Rights, and the Shares issuable upon exercise of the Rights are not offered for sale in any jurisdiction outside of the Eligible Jurisdictions, including in the United States (the “Ineligible Jurisdictions”), or to any shareholders who are resident in any jurisdiction other than the Eligible Jurisdictions (the “Ineligible Holders”). Details of the Rights Offering are set out in the Rights Offering notice (the “Notice”) and the Rights Offering circular dated May 31, 2023 (the “Circular”), which are filed on SEDAR under Century’s profile at www.sedar.com. The Company expects to close the Rights Offering on or about July 14, 2023, but in any event no later than July 28, 2023.