General Announcement::Canacol Energy Ltd. Announces Special Meeting Results

Issuer & Securities

Issuer/ Manager: CANACOL ENERGY LTD.
Securities: CANACOLENE US$500M5.75%281124A - US134808AD63 - PNTB
CANACOLENE US$500M5.75%281124R - USU13518AC64 - YW0B
Stapled Security: No

Announcement Title: General Announcement
Date &Time of Broadcast: 20-Dec-2022 08:35:33
Status: New
Announcement Sub Title: Canacol Energy Ltd. Announces Special Meeting Results
Announcement Reference: SG221220OTHR4XZ1
Submitted By (Co./ Ind. Name): Canacol Energy Ltd
Designation: SGX-SE
Description (Please provide a detailed description of the event in the box below): Canacol Energy Ltd. Announces Special Meeting Results

CALGARY, ALBERTA - (December 19, 2022) - Canacol Energy Ltd. ("Canacol" or the "Corporation") (TSX:CNE) (OTCQX:CNNEF) (BVC:CNEC) is pleased to announce that at the special meeting held in Bogot , Colombia on December 19, 2022 (the "Meeting") holders of common shares of Canacol: (i) approved the consolidation to the outstanding common shares of the Corporation on the basis of one new post- consolidation common share for every five currently outstanding common shares (the "Consolidation"); and (ii) approved the new by-laws of the Corporation. Further disclosure on the matters approved at the Meeting can be found in the Management Information Circular dated November 9, 2022 and the Report of Voting Results for the Meeting each available on SEDAR at www.sedar.com.

The Corporation expects to complete the Consolidation on or about January 17, 2023 and will issue a further news release announcing the effective date of the Consolidation.

Total size =51K