CALGARY, ALBERTA–(Marketwired – Dec. 1, 2016) – Questfire Energy Corp. (the “Corporation” or “Questfire“) (TSX VENTURE:Q.A)(TSX VENTURE:Q.B) announces that the Corporation and its syndicate of lenders have agreed to extend the maturity date under the Corporation’s credit facilities from November 30, 2016 to December 15, 2016.
Questfire also announces that it has closed an asset sale for proceeds of $7.55 million. The Corporation is actively pursuing further asset sales and investigating a number of options to continue reducing its senior bank debt.
The Corporation further confirms that its Class B Shares converted to Class A Shares on November 30, 2016 as per the Corporation’s press release dated November 25, 2016. Accordingly, Questfire now has 22.35 million Class A shares trading on the TSX Venture exchange under the symbol of Q.A.
There can be no assurance that the amount available under the credit facilities will not be adjusted by the lenders prior to December 15, 2016. Further, there can be no assurance that the Corporation will be able to refinance its outstanding indebtedness on or prior to December 15, 2016.
About Questfire Energy Corp.
Questfire Energy Corp. is a junior oil and natural gas exploration and production company based in Calgary, Alberta.