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Alvopetro Announces Warrant Exercise and Debt Repayment
Alvopetro Announces Warrant Exercise and Debt Repayment Canada NewsWire ...
About this update from Alvopetro Energy Ltd.
[{"type":"text","content":"\n \n \n \n Alvopetro Announces Warrant Exercise and Debt Repayment\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n Sept. 19, 2022\n \n \n /CNW/ - Alvopetro Energy Ltd. (TSXV: ALV) (OTCQX: ALVOF) (\"Alvopetro\") announces the exercise of all outstanding warrants held by Cordiant Capital Inc. (\"Cordiant\") and that we have now repaid the remaining\n \n $2.5 million\n \n outstanding on the credit facility.\n \n \n A total of 2,685,956 warrants at a strike price of\n \n US$1.80\n \n were granted to Cordiant in connection with the 2019\n \n $15 million\n \n debt financing. Cordiant provided notice to exercise all warrants outstanding and in connection with the exercise, Alvopetro agreed to amend the terms of the warrant certificates so that a total of 1,342,978 of the warrants have been exercised by way of a cashless exercise with 738,638 common shares issued as a result of the cashless exercise. The remaining 1,342,978 warrants have been exercised at the strike price of\n \n US$1.80\n \n per share, for total cash proceeds to Alvopetro of\n \n US$2.4 million\n \n . A total of 2,081,616 common shares have been issued in connection with the exercise. Alvopetro has also now repaid the final\n \n $2.5 million\n \n outstanding on our credit facility effective\n \n September 15, 2022\n \n .\n \n \n President and CEO,\n \n Corey Ruttan\n \n commented:\n \n \n \n \"We would like to thank Cordiant for their support over the last three years.  Their support was instrumental in providing us with the financial resources to bring our Caburé project onstream. The project has been consistently delivering results above pre-commercialization expectations allowing us to aggressively repay outstanding debt. We are proud to have been able to completely repay all project debt financing within the first 27 months of starting production. During this same time, we started quarterly dividends to our shareholders and we are now also firmly focused on our organic growth plans.\"\n \n \n \n \n Corporate Presentatio...