Pieridae Continues to Gain Support from Key Stakeholders
CALGARY, Alberta – Pieridae Energy Limited (Pieridae or the Company) (TSX: PEA.TO) is pleased to announce it has received approval from Export Development Canada (“EDC”) for a CAD$6 million guarantee facility as part of EDC’s Account Performance Security Guarantee (“APSG”) program. The program provides a 100% guarantee to the issuing bank of certain of the Company’s existing and future letters of credit (“LCs”). The APSG will allow Pieridae to release cash collateral requirements provided as security for certain existing and potential future LCs.
“We are very pleased to have this support from EDC, as this is a significant opportunity for Pieridae to free up cash collateral to redeploy to help continue to grow the Company,” said Pieridae Chief Financial Officer Rob Dargewitcz. “This facility from EDC sends a strong signal to the market that we continue to gain momentum and key support for the Company and its strategic direction.”
EDC is a financial Crown corporation with offices around the world. They are dedicated to helping Canadian companies succeed on the world stage while ensuring all projects and transactions they support are conducted in a manner that is financially, environmentally and socially responsible. This facility approval announced today establishes the start of what is hoped to be a strong and ongoing partnership with EDC.
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. After completion of all the transactions disclosed in this news release, Pieridae has 162,950,597 common shares issued and outstanding which trade on the TSX (“PEA.TO”).