Nextraction Energy Corp. Announces Loan Facility Amendment
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/02/13 -- Nextraction Energy Corp. (TSX VENTURE: NE) (the "Company" or "Nextraction") announces that it has entered into an amending agreement to extend the principal repayment of its non-revolving term loan facility (the "Loan Facility") with Tallinn Capital Mezzanine Limited Partnership ("Tallinn"). Tallinn has agreed to waive monthly net sales production minimum requirement and minimum current ratio requirements which the Company had been in default of until September 30, 2013. Furthermore, subject to the debentures proposed to be offered pursuant to the Company's recently announced proposed short form prospectus offering (the "Offering") being subordinated and postponed to the Loan Facility on terms acceptable to Tallinn, the successful completion of the Offering and the Company not otherwise being in default under the Loan Facility, Tallinn has also agreed to waive requirements to repay the Loan Facility from proceeds of the Offering beyond the first $2 million of the principal amount owing under the Loan Facility on the earlier of September 30, 2013 or the closing of the Offering.
About Nextraction Energy Corp.
Nextraction Energy Corp. is a Canadian junior oil and natural gas company engaged in the exploration and development of oil and natural gas resources in the Western Canadian Basin. The Company's model is the "next round of extraction on known plays." Nextraction targets oil focused projects along trends with known reserves that provide low risk, high return development opportunities in both conventional and unconventional resource projects.
READER ADVISORY
Cautionary Note Regarding Forward Looking Statements
Certain statements made and information contained herein constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities legislation. Often, but not always, forward-looking statements or information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes" or variations of such words and phrases or words and phrases that state or indicate that certain actions, events or results "may", "may have", "could", "would", "might" or "will" be taken, occur or be achieved.
These statements include, but are not limited to, those made above with respect to future events or the Company's future performance, completion of definitive documents, the anticipated timing for completion of the Offering, and the receipt of necessary approvals.
Although management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that a forward-looking statement or information herein will prove to be accurate. Forward- looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such assumptions, risks, uncertainties and factors include, but are not limited to:
Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Actual results may vary materially from the information provided in this release, and there is no representation by the Company that the actual results realized in the future will be the same in whole or in part as those presented herein. Accordingly, readers should not place undue reliance on forward-looking statements or forward-looking information. These statements speak only as of the date of this Press Release and are expressly qualified, in their entirety, by this cautionary statement.
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.
Contacts:
Nextraction Energy Corp.
Kent Edney, P.Eng.
President
(403) 514-2373
Nextraction Energy Corp.
Scott Badcock, CA
CFO
(403) 514-2399
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Datum: 02.08.2013 - 20:40 Uhr
Sprache: Deutsch
News-ID 284440
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contact information:
Town:
VANCOUVER, BRITISH COLUMBIA
Kategorie:
Oil & Gas
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