CALGARY, AB – PetroFrontier Corp. (“PetroFrontier” or the “Corporation“) (TSXV:PFC) wishes to correct an error in its press release entitled “PetroFrontier Corp. Announces Closing of Amended Debenture Extending Agreement Including Partial Debt Repayment” issued September 25, 2020 (the “September 25 Press Release“).
The September 25 Press Release announced that it had closed an amended debenture and credit facility extending agreement (the “Amended Extending Agreement“) which extended the repayment terms of both a debenture granted on July 21, 2016 (the “Debenture“) and a credit facility entered into on June 3, 2019 (the “Credit Facility“) with the Corporation’s senior secured creditor, Kasten Energy Inc. (“Kasten“). The closing resulted in a partial repayment of the Corporation’s indebtedness under the Debenture in the amount of $1,000,000 by the issuance of 25,000,000 common shares of the Corporation (the “Common Shares“) at a deemed price of $0.04 per common share. With respect to the “Early Warning Report” section of the September 25 Press Release, if the maximum of $2,000,000 were to be drawn under the Credit Facility and Kasten elected to convert such amount into Common Shares and convert the Debenture in the amount of $2,000,000 into Common Shares during the first year, Kasten would own Common Shares representing 61.79% of the then issued and outstanding common shares of the Corporation rather than the 55.51% equity position referred to in the September 25 Press Release. This correction does not change any other amounts or information reported in the September 25 Press Release.
About PetroFrontier Corp.
PetroFrontier is a junior energy company currently focused on developing two Mannville heavy oil plays in the Cold Lake and Wabasca areas of Alberta.
PetroFrontier’s head office is in Calgary, Alberta and its Common Shares are listed for trading on the Exchange under the symbol “PFC”.
Forward-Looking Statements
This press release may contain forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of PetroFrontier. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Any forward-looking statements are made as of the date of this release and, other than as required by applicable securities laws, PetroFrontier does not assume any obligation to update or revise them to reflect new events or circumstances.
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.
Not for release in the United States of America
For More Information Contact
Kelly Kimbley, President & CEO
PetroFrontier Corp.
Suite 900, 903 – 8 Avenue S.W.
Calgary, Alberta, Canada T2P 0P7
Telephone: (403) 718-0366
Email: info@petrofrontier.com
Website: www.petrofrontier.com
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