CALGARY, AB / ACCESSWIRE / April 25, 2018 / PetroFrontier Corp. (“PetroFrontier” or the “Company“) (TSX-V: PFC) announces that the Company’s 2018 Annual Financial Statements, Management’s Discussion and Analysis and Forms 51-101 regarding Statement of Reserves Data and Other Oil and Gas Information have been filed on SEDAR (www.sedar.com).
On April 23, 2018, the Corporation signed a term sheet (the “Term Sheet”) with a corporation controlled by a director (the “Lender”), which will provide for a credit facility not exceeding $2,000,000. The advances under the credit facility will bear interest at 8% per annum payable monthly, mature two years from the date of the Term Sheet and are secured by a General Security Agreement with the minimum advance being $200,000. The Lender will also be paid a structuring fee equal to 2% of the amount of any advance under the credit facility, with a minimum structuring fee of $10,000 payable.
The Lender will have the option to convert the advances under the credit facility into common shares of the Corporation (“Common Shares”). The conversion price per Common Share shall be: (i) the closing price of the Common Shares on the TSX Venture Exchange on the day prior to the issuance of this press release (the “Market Price”) for the first year of the term of the loan; and (ii) $0.10 for the second year of the term of the loan.
Finalization of the credit facility agreement is subject to due diligence and regulatory approval. The credit facility will.
About PetroFrontier Corp.
PetroFrontier is a junior energy company currently focused on developing two Mannville heavy oil plays in the Cold Lake and Wabasca areas of Alberta.
The Company’s head office is located in Calgary, Alberta and its Common Shares are listed for trading on the TSX Venture Exchange under the symbol “PFC”.
This press release may contain forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are 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.
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
Robert J. Iverach, Chairman
Kelly Kimbley, President
Suite 900, 900 – 8 Avenue S.W.
Calgary, Alberta, Canada T2P 0P7
Telephone: (403) 718-0366
Email: [email protected]
SOURCE: PetroFrontier Corp.
View source version on accesswire.com: