CALGARY, Alberta, Sept. 30, 2019 (GLOBE NEWSWIRE) — Pieridae Energy Limited (Pieridae or the Company) (TSXV: PEA) announces that Alberta Investment Management Corporation, on behalf of certain of its clients, and Pieridae have agreed to extend the maturity date of both (a) the $50 million senior secured term loan facility (the “Term Loan”), as described in the news release issued by the Company on December 18, 2018, and (b) the $10 million secured convertible debenture, as described in the news release issued by the Company on July 2, 2019, from September 30, 2019 to the earlier to occur of (i) October 16, 2019, or (ii) the day on which an acceleration notice is delivered, or deemed to be delivered under the Term Loan. This revised maturity date will align with Pieridae’s closing of its proposed acquisition of certain midstream and upstream properties from Shell Canada Energy as described in the news release issued by the Company on June 26, 2019 which Pieridae expects to occur on or before October 16, 2019.
Founded in 2011, Pieridae, a majority Canadian owned corporation based in Calgary, is focused on the development of integrated energy-related activities, from the exploration and extraction of natural gas to the development, construction and operation of the Goldboro LNG facility and the production of LNG for sale to Europe and other markets. Pieridae is on the leading edge of the re-integration of the LNG value chain in North America. Pieridae has 86,713,713 common shares issued and outstanding which trade on the TSX Venture Exchange (PEA).