Business
Pine Cliff Energy Ltd. Announces Completion of its Borrowing Base Review
Calgary, Alberta--(Newsfile Corp. - May 14, 2019) - Pine Cliff Energy Ltd. ( TSX: PNE ) ( "Pin...
About this update from Pine Cliff Energy Ltd.
[{"type":"text","content":"Pine Cliff Energy Ltd. Announces Completion of its Borrowing Base ReviewCalgary, Alberta--(Newsfile Corp. - May 14, 2019) - Pine Cliff Energy Ltd. (TSX: PNE) (\"Pine Cliff\" or the \"Company\") has completed its semi-annual borrowing base review and has entered into a Restated Credit Agreement with its banking syndicate of Canadian Financial Institutions (the \"Syndicate\") for a $5.0 million revolving credit facility, consisting of a $2.7 million operating facility and $2.3 million syndicated facility (the \"Credit Facility\"). The Credit Facility matures on July 28, 2019 and any amounts drawn are payable on that date. As of May 14, 2019, the Company is not drawn on its Credit Facility and it is unlikely that the Credit Facility will be renewed when it matures. The Company is considering alternatives to the Credit Facility, suitable for the management of its working capital requirements.For further information, please contact:Philip B. Hodge - President and CEOCheryne Lowe -CFO and Corporate SecretaryTelephone: (403) 269-2289Fax: (403) 265-7488Email: [email protected] Cautionary StatementsCertain statements contained in this news release include statements which contain words such as \"anticipate\", \"could\", \"should\", \"expect\", \"seek\", \"may\", \"intend\", \"likely\", \"will\", \"believe\" and similar expressions, statements relating to matters that are not historical facts, and such statements of our beliefs, intentions and expectations about developments, results and events which will or may occur in the future, constitute \"forward-looking information\" within the meaning of applicable Canadian securities legislation and are based on certain assumptions and analysis made by us derived from our experience and perceptions. Forward-looking information in this news release includes, but is not limited to: the likelihood that the Credit Facility will not be renewed when it matures and alternatives to replace the Credit Facility.All such forward-looking information is based on certain assumptions and analyses made by us in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances. The risks, uncertainties and assumptions are difficult to predict and may affect operations, and may include, ...