CALGARY, ALBERTA–(Marketwired – Sept. 15, 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 in principle to amend the terms of its bank facility, with such amended bank facility anticipated to have the following material provisions:
- a revised maturity date from May 30, 2017 to November 30, 2016;
- a restructuring of the Corporation’s $44.5 million aggregate borrowing base so that it consists of: (1) a $5 million operating facility; (2) a $25,000,000 syndicated facility; and (3) a newly established $14.5 million supplemental facility;
- the supplemental facility is non-revolving (any repayment or prepayment shall be a permanent reduction thereof) and secured pari passu with the other facilities;
All associated terms and covenants are contained within the amending agreement which will be available on SEDAR once the amending agreement is signed.
The Corporation is actively pursuing a range of options including the sale of certain royalty interests and assets, all with the goal of eliminating the $14.5 million supplemental lending facility by November 30, 2016.
There can be no assurance that the amount available under the credit facilities will not be adjusted by the lenders prior to November 30, 2016. Further, there can be no assurance that the Corporation will be able to refinance its outstanding indebtedness on or prior to November 30, 2016.
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.