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CALGARY, AB, Dec. 21, 2023 CanAsia Energy Corp. ("CanAsia" or the "Company") (TSXV: CEC) is pleased to announce the closing of the first tranche ("First Tranche") of its brokered private placement offering previously announced on December 4 and 13, 2023 ("Offering"). 50,420,000 common shares of the Company ("Shares") were issued today at an issue price of CAD $0.10 per Share for aggregate gross proceeds of CAD $5,042,000. A second and final tranche of the Offering for additional gross proceeds of CAD $1,258,000 is expected to occur in the first part of January 2024 once certain regulatory approvals have been received. The Offering is being led by Research Capital Corporation as the sole agent and sole bookrunner (the "Agent").