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Credit Facility Extensions
Credit Facility Extensions
PetroFrontier Corp. ("PetroFrontier" or "the Corporation") (TSXV:PFC) is pleased to advise of amendments to credit facilities in place with its lenders Kasten Energy Inc. ("Kasten") and Tailwind Capital Partners Inc. ("Tailwind") (see PetroFrontier press release dated April 13, 2023).
Kasten
Three existing debt instruments - a Debenture and two credit facilities - matured at different times during 2022. The Corporation negotiated extensions to the Debenture and credit facilities with an updated facility (the "Updated Kasten Credit Facility") that was the subject of the April 13, 2023 press release.
A summary of those instruments is as follows:
Facility Name | Maturity Date | Amount Owing at March 31, 2023 | ||
1. | 2016 Debenture | 08-31-2022 | $ | 2,405,681 |
2. | 2019 Kasten Loan #1 | 08-31-2022 | $ | 1,502,991 |
3. | 2021 Kasten Loan #2 | 04-30-2022 | $ | 2,032,968 |
By mutual consent, Kasten and PetroFrontier have agreed to terminate the Updated Kasten Credit Facility in favor of extending the maturity of each debt instrument listed above separately until March 31, 2025. As the conversion features contained in the debt instruments had expired, the extensions do not provide that any of the debt instruments will be convertible into common shares of the Corporation.
Tailwind
Facility Name | Maturity Date | Amount Owing at March 31, 2023 | ||
1. | 2021 Tailwind Loan #1 | 10-31-2022 | $ | 2,294,345 |
A credit facility, dated April 11, 2023, is in place with Tailwind under which a total of $2,294,345 was owing as at March 31, 2023 (including accrued interest at a rate of 8% per annum). That credit facility was also extended to March 31, 2025. Similarly, this facility does not provide for conversion of amounts outstanding thereunder into common shares of the Corporation.
About PetroFrontier Corp.
PetroFrontier is a junior energy company that has been focused on developing two Mannville heavy oil plays in the Cold Lake and Wabasca areas of Alberta.
PetroFrontier's head office is in Calgary, Alberta and its common shares are listed for trading on the Exchange under the symbol "PFC".
More information pertaining to PFC can be obtained under the Corporation's profile on Sedar which can be accessed online at www.sedar.com.
Forward-Looking Statements
This press release may contain forward-looking information that involves substantial known and unknown risks and uncertainties, most of which may be beyond the control of PetroFrontier. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Any forward-looking statements are made as of the date of this release and, other than as required by applicable securities laws, PetroFrontier does not assume any obligation to update or revise them to reflect new events or circumstances
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For More Information, Please Contact:
Kelly Kimbley, President & CEO
PetroFrontier Corp.
Suite 700, 903 - 8 Avenue S.W.
Calgary, Alberta, Canada T2P 0P7
Telephone: (403) 650-6355
Email: [email protected]
Website: www.petrofrontier.com
SOURCE: PetroFrontier Corp.
S.Cloutier--SMC
