CALGARY, Alberta – Razor Energy Corp. (“Razor” or the “Company“) (TSXV: RZE) is announcing that it will be deferring the scheduled December 31, 2020 interest payment to the Alberta Investment Management Corporation (“AIMCo”) under the existing $47.7 million Term Loan Facility (the “Amended Term Loan Facility”). The interest will be capitalized, adding to the principal of the existing Amended Term Loan Facility.
The Amended Term Loan Facility matures on January 31, 2021 and bears an interest rate of 10% per annum. The Amended Term Loan Facility is secured by a first charge on all present and after-acquired personal property as well as a floating charge on land pursuant to a general security agreement and a promissory note.
The Company is grateful to be partners with AIMCo and the continued support as both a major shareholder and senior lender.
Razor is a publicly-traded junior oil and gas development and production company headquartered in Calgary, Alberta, concentrated on acquiring, and subsequently enhancing, producing oil and gas properties primarily in Alberta. The Company is led by experienced management and a strong, committed Board of Directors, with a long-term vision of growth, focused on efficiency and cost control in all areas of the business. Razor currently trades on TSXV under the ticker “RZE”.