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HIGHWOOD ASSET MANAGEMENT LTD. ANNOUNCES EXPANDED CREDIT FACILITY TO $110 MILLION AND COMMENCEMENT OF 2H2024 DRILLING PROGRAM
HIGHWOOD ASSET MANAGEMENT LTD. ANNOUNCES EXPANDED CREDIT FACILITY TO $110 MILLION AND COMMENCEMEN...
About this update from Highwood Asset Management Ltd
[{"type":"text","content":"\n \n \n \n HIGHWOOD ASSET MANAGEMENT LTD. ANNOUNCES EXPANDED CREDIT FACILITY TO $110 MILLION AND COMMENCEMENT OF 2H2024 DRILLING 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.prnrbrb0{\nBORDER-RIGHT:black 0pt\n}\n.prnml4{\nMARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT\n}\n.prntal{\nTEXT-ALIGN: LEFT\n}\n.prnsbtb0{\nBORDER-TOP:black 0pt\n}\n.prnvat{\nVERTICAL-ALIGN: TOP\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n.prnsbbb0{\nBORDER-BOTTOM:black 0pt\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prnpr2{\nPADDING-RIGHT:0.17em\n}\n.prnsblb0{\nBORDER-LEFT:black 0pt\n}\n.prnpl2{\nPADDING-LEFT:0.17em\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 July 3, 2024\n \n \n /CNW/ -\n \n \n \n \n \n \n \n \n \n \n Credit Facility Update\n \n \n \n Highwood Asset Management Ltd. (\"\n \n Highwood\n \n \" or the \"\n \n Company\n \n \") (TSXV: HAM) is pleased to announce that the annual borrowing base redetermination of the Company's credit facility has been completed. As a result of its successful drilling program that delivered significant PDP reserves growth, the borrowing base has been increased from\n \n $100 million\n \n to\n \n $110 million\n \n , comprised of a\n \n $10 million\n \n operating facility and\n \n $100 million\n \n syndicated credit facility (together, the \"\n \n Credit Facilities\n \n \"). The maturity date of the Credit Facilities has been extended from\n \n August 2, 2025\n \n to\n \n August 2, 2026\n \n . If not extended, the Credit Facilities would be repayable on\n \n August 2, 2026\n \n . The next semi-annual borrowing base determination is scheduled on or before\n \n November 30, 2024\n \n .\n \n \n Furthermore, Highwood is pleased to announce Canadian Imperial Bank of Commerce and Macquarie Bank Limited as new lenders on the syndicated credit facility, joining Royal Bank of\n \n Canada\n \n and ATB Financial.\n \n \n \n Drilling Update\n \n \n \n Highwood is also pleased to announce that it has commenced the 2...