VANCOUVER, Oct. 16, 2014 /CNW/ - Terrace Energy
Corp. (the "Company") (TSXV: TZR, OTCQX: TCRRF,
Germany: 2TR) is pleased to announce that it has completed its
previously announced plan of arrangement, pursuant to which the
Company's outstanding 8% convertible unsecured notes due
April 2, 2018 were exchanged for new
notes. The Notes are expected to commence trading on the TSX
Venture Exchange under the symbol "TZR.DB" at the open of the
market on October 20, 2014, or as
soon as possible thereafter.
Pursuant to the terms of the notes, the Company may redeem the
notes, in whole or in part, for common shares upon at least 30
days' notice, as more fully described in the indenture governing
the notes, and in the Company's management information circular
dated September 15, 2014, copies of
which are available on SEDAR.
About Terrace Energy
Terrace Energy is an oil & gas development stage company
that is focused on unconventional oil extraction in onshore areas
of the United States with a
particular focus on South
Texas.
ON BEHALF OF THE BOARD OF DIRECTORS
"Dave Gibbs"
Dave Gibbs, President and Chief
Executive Officer
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
Cautionary Statement and Forward-Looking Information
This press release includes forward-looking information and
forward-looking statements (together, "forward-looking
information") within the meaning of applicable Canadian and
United States securities laws.
Forward-looking information includes statements regarding the
listing of the Notes on the TSX Venture Exchange. Users of
forward-looking information are cautioned that actual results may
vary from the forward-looking information disclosed in this press
release. The material risk factors that could cause actual results
to differ materially from the forward-looking information contained
in this press release include: no market may develop for trading
the Notes or such market may lack liquidity; the trustee under the
indenture to govern the Notes may fail to efficiently administer
the Notes or effectively act on behalf of the holders thereof; and
other risks and uncertainties described under the heading "Risk
Factors" and elsewhere in the Company's most recent Annual
Information Form and other documents filed with Canadian securities
regulators at www.sedar.com.
The Company does not assume the obligation to update any
forward-looking information, except as required by applicable
law.
SOURCE Terrace Energy Corp.