CALGARY, ALBERTA–(Marketwired – Dec. 16, 2016) – Questfire Energy Corp. (the “Corporation” or “Questfire“) (TSX VENTURE:Q.A) is pleased to announce that the Corporation and its syndicate of lenders have agreed to amend the terms of its bank facility, with such amended bank facility to have the following material provisions:
- a revised maturity date to May 31, 2017;
- the revised borrowing base consisting of: (1) a $5 million operating facility; (2) a $23 million syndicated facility; and (3) a $9.5 million supplemental facility;
- the supplemental facility is non-revolving (any repayment or prepayment shall be a permanent reduction thereof), is secured pari passu with the other facilities and includes the requirement to make mandatory repayments of at least $100,000 per month;
The Corporation is actively pursuing a range of options, all with the goal of eliminating the $9.5 million supplemental lending facility by May 31, 2017.
There can be no assurance that the amount available under the credit facilities will not be adjusted by the lenders prior to May 31, 2017. Further, there can be no assurance that the Corporation will be able to refinance its outstanding indebtedness on or prior to May 31, 2017.
About Questfire Energy Corp.
Questfire Energy Corp. is a junior oil and natural gas exploration and production company based in Calgary, Alberta.
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.