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Bonterra Energy Corp. Confirms $104 Million in Approved Credit Commitments From Export Development Canada, Business Development Bank of Canada and Alberta's Site Rehabilitation Program
Bonterra Energy Corp. Confirms $104 Million in Approved Credit Commitments From Export De...
About this update from Bonterra Energy Corp.
[{"type":"text","content":"BonterraApprovedCredi\n \n \n \n Bonterra Energy Corp. Confirms $104 Million in Approved Credit Commitments From Export Development Canada, Business Development Bank of Canada and Alberta's Site Rehabilitation Program\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.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n CALGARY, AB, Oct. 5, 2020\n \n \n \n \n \n CALGARY, AB\n \n ,\n \n Oct. 5, 2020\n \n /CNW/ - Bonterra Energy Corp. (\n \n www.bonterraenergy.com\n \n ) (TSX: BNE) (\"Bonterra\" or the \"Company\") is pleased to announce that it has received a reserve based lending commitment from Export Development Canada (\"EDC\") of up to\n \n $38.4 million\n \n (the \"EDC Commitment\"). In addition, Bonterra is pleased to confirm that to date, its vendors have been approved for\n \n $21 million\n \n of funding through\n \n Alberta's\n \n Site Rehabilitation Program (\"SRP\"). These amounts build on the Company's recently approved\n \n $45 million\n \n Business Development Bank of\n \n Canada\n \n (\"BDC\") term facility.\n \n \n Between EDC, BDC, and the SRP, the Company has now been approved for over\n \n $104 million\n \n of credit availability (pending legal and banking documentation). These commitments will provide Bonterra with significant additional long-term liquidity at reasonable interest rates to withstand the impacts of the COVID-19 pandemic and allow the Company to continue pursuing development of its high-quality, Cardium light oil asset base in order to generate long-term, sustainable net asset value per share growth as the economy recovers.\n \n \n \n EDC Commitment\n \n \n The EDC Business Credit Availability Program (\"BCAP\") was initially announced to provide additional liquidity and cash flow to companies who were deemed financially viable pre-COVID-19, allowing them to continue operations and development activity throughout a recovery from the pandemic, supporting a return to pre-COVID-19 operating levels within a manageable timeframe based on strengthening crude oil, liquids and natural gas prices. Bonterra has been in discussions wit...