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HIGHWOOD ASSET MANAGEMENT LTD. ANNOUNCES EARLY REPAYMENT OF PROMISSORY NOTE AND 2025 CAPITAL UPDATE
HIGHWOOD ASSET MANAGEMENT LTD. ANNOUNCES EARLY REPAYMENT OF PROMISSORY NOTE AND 2025 CAPITAL UPDA...
About this update from Highwood Asset Management Ltd
[{"type":"text","content":"\n\n\n\n HIGHWOOD ASSET MANAGEMENT LTD. ANNOUNCES EARLY REPAYMENT OF PROMISSORY NOTE AND 2025 CAPITAL UPDATE\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{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; BORDER-BOTTOM:black 0pt; BORDER-LEFT:black 0pt\n}\n.prnml4{\nMARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n /NOT FOR DISSEMINATION IN THE U.S. OR THROUGH U.S. NEWSWIRES/\n \n\n\n\n\n CALGARY, AB\n \n\n ,\n \n\n Nov. 26, 2024\n \n\n /CNW/ - Highwood Asset Management Ltd. (\"\n \n Highwood\n \n \" or the \"\n \n Company\n \n \") (TSXV: HAM) is pleased to announce early repayment of Promissory Note issued in conjunction with the acquisition of Boulder Energy Ltd. in\n \n August 2023\n \n and update to the 2025 capital program.\n \n\n\n\n\n\n\n\n\n\n Promissory Note Repayment\n \n\n\n The Promissory Note, originally issued on\n \n August 3, 2023\n \n was set to mature on\n \n July 1, 2025\n \n ‎with equal payments of\n \n $3.5 million\n \n each ‎on ‎January 1, 2025,\n \n April 1, 2025\n \n ‎and\n \n July 1, 2025\n \n , with the ‎outstanding principal (if any) due in full on maturity‎. The Promissory Note bore ‎interest at 13% per annum payable ‎‎quarterly. On\n \n November 26, 2024\n \n , Highwood paid the full outstanding principal balance and accrued interest of approximately\n \n $10.7 million\n \n . Repayment of the Promissory Note will have a positive impact on interest expense with credit facility bearing interest currently at approximately 8% per annum, compared to the 13% per annum bore by the Promissory Note. Furthermore, the early repayment will create additional financial flexibility for Highwood.\n \n\n\n 2025 Capital Update\n \n\n\n Highwood recently announced a planned 2025 capital expenditure program of\n \n $60\n \n -65 million. Due to operational efficiencies and availability of required equipm...