CALGARY, Alberta – Prairie Provident Resources Inc. (TSX: PPR) (“Prairie Provident” or the “Company”) is pleased to announce that it has completed the issuance of second lien notes due December 31, 2024 in the principal amount of US$3.64 million (equivalent to approximately C$5 million) (the “Second Lien Notes”) with certain affiliates of PCEP Canadian Holdco, LLC (the “PCEP”) (the “Second Lien Financing”). The Second Lien Financing is being completed in connection with the recently announced recapitalization transactions (collectively, the “Recapitalization”). PCEP is controlled by the investment management arm of one of the world’s largest financial institutions, which has over US$1 trillion in assets under management.
Patrick McDonald, Chairman of the Company, stated: “PPR is pleased that PCEP has demonstrated strong support for the Company and the Recapitalization with this investment of $5 million of new funds. We believe that this backing from a large global asset manager positions PPR to unlock significant value for shareholders.”
Please refer to the Company’s press release dated March 29, 2023, announcing the Recapitalization for additional details.