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Bonterra Energy Corp. Successfully Completes Financing Initiatives and Continues to Recommend That Shareholders Reject the Obsidian Hostile Bid
Bonterra Energy Corp. Successfully Completes Financing Initiatives and Continues to Recom...
About this update from Bonterra Energy Corp.
[{"type":"text","content":"\n \n \n \n Bonterra Energy Corp. Successfully Completes Financing Initiatives and Continues to Recommend That Shareholders Reject the Obsidian Hostile Bid\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.prngen2{\nBORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: TOP; BORDER-BOTTOM:black 1pt solid; TEXT-ALIGN: LEFT; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n.prngen3{\nBORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: TOP; BORDER-BOTTOM:black 0pt; TEXT-ALIGN: LEFT; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n.prnsbt0{\nBORDER-TOP:0pt\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prnsbl0{\nBORDER-LEFT:0pt\n}\n.prnsbb0{\nBORDER-BOTTOM:0pt\n}\n.prnsbr0{\nBORDER-RIGHT:0pt\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n CALGARY, AB, Nov. 16, 2020\n \n \n \n \n \n \n \n Bonterra is one of the first Canadian energy producers to qualify and be approved for both the EDC and BDC government support programs, a condition of which is financial viability.\n \n \n \n \n \n \n \n \n With the successful completion of its recent financing initiatives, Bonterra's go-forward strategic plan is expected to grow production by more than\n \n \n \n \n 30 percent and return the Company's average annual production to pre-COVID levels of approximately 13,000 BOE per day in 2021.\n \n \n \n \n \n \n \n \n Bonterra's strategic plan has the support of its bank syndicate, which has agreed to extend the maturity date of its senior credit facility to\n \n December 31, 2021\n \n and maintain Bonterra's current\n \n $300 million\n \n borrowing base.\n \n \n \n \n \n \n \n \n BDC's commitment of\n \n $45 million\n \n strengthens Bonterra's liquidity and will provide optionality and funding for a development drilling program that will help create significant value for shareholders.\n \n \n \n \n \n \n \n \n Through its commitment of\n \n $38.4 million\n \n , EDC has joined Bonterra's syndicate of lenders demonstrating strong alignment with the Company's current capital providers and management.\n \n \n \n \n \...