Term Loan Deferred Fee Payment Date Delayed
12 Oktober 2021 - 01:30PM
Pieridae Energy Limited (“Pieridae” or the “Company”)
(PEA.TO) today announced it has reached an agreement
with its senior secured lender Third Eye Capital Corporation
(“TEC”) to delay payment of the $50.0 million deferred fee owing
under Pieridae’s Credit Agreement signed with TEC in October of
2019. The deferred fee was to have been paid by October 16, 2021.
The payment deadline has now been extended to the first business
day of January 2022.
“I am pleased we have achieved this payment
extension and want to thank TEC for their continued support of the
Company and the Strategic Review currently underway with Peters
& Co. that is focused on enhancing shareholder value,” said
Pieridae’s Chief Executive Officer Alfred Sorensen. “This extension
to the end of 2021 gives us the time to continue to pursue the
strategic review process with the goal of concluding a transaction
that is beneficial to the Company.”
About PieridaePieridae is a
majority Canadian-owned corporation based in Calgary that was
founded in 2011. The Company is focused on the exploration,
extraction and processing of natural gas as well as analyzing
options for a reconfigured LNG Project that fits with the current
environment and would supply Europe and other markets. Pieridae
provides the energy to fuel people’s daily lives while supporting
the environment and the transition to a lower-carbon economy. After
completion of all the transactions disclosed in this news release,
Pieridae has 157,641,871 common shares issued and outstanding which
trade on the TSX (PEA.TO).
For further information please
contact:
Alfred
Sorensen, Chief Executive OfficerTelephone:
(403) 261-5900 |
|
James
Millar, Director, External RelationsTelephone: (403)
261-5900 |
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