Calgary, Alberta – Cuda Oil and Gas Inc. (TSXV: CUDA) (“Cuda” or the “Company“) announces that the Company’s senior secured lender, Tallinn Capital Energy Limited Partnership, and its subordinate secured lender, being certain funds managed or co-managed by Bridging Finance Inc., have each made demand for payment in full of the Company’s outstanding indebtedness and provided the Company with a Notice of Intention to Enforce Security pursuant to section 244 of the Bankruptcy and Insolvency Act (Canada). The Company’s secured lenders have demanded payment of aggregate indebtedness in the amount of $70,251,757 plus interest and costs which continue to accrue. If the Company is unable to repay the indebtedness by November 15, 2021, the secured lenders will take steps to enforce their security.
The Company is reviewing alternatives available to it to extend the deadline for repayment of the indebtedness. The Company is requesting that the TSX Venture Exchange halt trading in the Company’s shares and it is expected that the shares will remain halted until such time that the TSX Venture Exchange deems appropriate.
For further information please contact:
Glenn Dawson
President and Chief Executive Officer
Cuda Oil and Gas Inc.
(403) 454-0862