Whitemud Announces Debt Repayment Plan

About this update from Whitemud Resources, Inc. Class A

[{"type":"text","content":"Whitemud Announces Debt Repayment Plan(via TheNewswire)\n \n \nCalgary - TheNewswire - December 30, 2019 - Whitemud Resources Inc. (\"Whitemud\" and the \"Company\") (NEX:WMK.H) is pleased to announce that it has implemented a discretionary debt reduction plan to pay down the principal amount of its outstanding secured loans from surplus cash (the \"Plan\"). The first payment under the Plan was made on December 30, 2019 in the amount of $500,000 and results from earnings and cash flow generated in 2019 by Midstream Energy Partners, the LPG division of the Company.\n\n \n \nThe Plan and any payments made toward the Company's debt under the Plan are discretionary and may be discontinued by the Company at any time in its sole discretion. The Plan also contemplates Whitemud making quarterly principal payments of up to $250,000 against the secured debt, subject at all times to sufficient earnings and cash flow being generated to allow for the debt reductions. \n\n \n \nWhitemud's secured creditors continue to support the Company and have each agreed not to demand repayment of the loans prior to December 31, 2020 without providing prior written notice to the Company and to the TSX Venture Exchange.\n\n \n \nCommenting on the Plan the CEO of the Company, Stan Owerko stated that \"this Plan is an important achievement for the Company and an indication of the progress being made by the Company's new LPG division, Midstream Energy Partners. The Company wishes to thank its secured creditors for their continued commitment through 2020 and most likely for a number of years thereafter.\"\n\n \n \nAbout Whitemud Resources Inc.\n\n \n \nWhitemud is a Canadian-based corporation engaged in the business of commodity marketing and logistics through Midstream Energy Partners, a division of Whitemud Resources Inc. formed in 2015. \n\n \n \nWhitemud also holds mineral rights to exploit a large kaolin deposit in southern Saskatchewan, together with a processing facility located on the property. Whitemud's product, Whitemud (MK) is a cement-grade metakaolin that enhances the performance of cement for oil and gas wells and construction applications. The Company uses a process that minimizes environmental impact.\n\n \n \nFor further information, please contact:\n\n \n \nWhitemud Resources Inc.\n\n\n \nGeneral Inquiries\n\n\n \nSuite 3900, 205 5th Avenue ...

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