CALGARY, AB, Sept. 30, 2020 /CNW/ - Bonterra Energy Corp.
(www.bonterraenergy.com) (TSX: BNE) ("Bonterra" or the "Company")
announces it has received approval from its syndicate of lenders to
extend the revolving period applicable to the Company's existing
credit facility to October 30, 2020
from September 30, 2020. The credit
facility will continue to be available on a revolving basis until
that date.
The extension presents Bonterra and its syndicate of lenders
additional time to finalize legal and banking documentation related
to the approved Business Development Bank of Canada ("BDC") second lien non-revolving
four-year term facility for $45
million (the "BDC Term Facility"). The BDC Term
Facility offers Bonterra significant additional long-term liquidity
at reasonable interest rates to withstand the impacts of the
COVID-19 pandemic and allow the Company to continue pursuing
development of its high-quality, Cardium light oil asset base in
order to generate long-term, sustainable net asset value per share
growth as the economy recovers.
Bonterra Energy Corp. is a conventional oil and gas corporation
with operations in Alberta,
Saskatchewan and British Columbia, focused on its strategy of
long-term, sustainable growth and value creation. The Company's
shares are listed on The Toronto Stock Exchange under the symbol
"BNE".
Forward-Looking Information
Certain statements contained in this release include statements
which contain words such as "anticipate", "could", "should",
"expect", "seek", "may", "intend", "likely", "will", "believe" and
similar expressions, relating to matters that are not historical
facts, and such statements of our beliefs, intentions and
expectations about development, 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.
Numerical Amounts
The reporting and the functional currency of the Company is
the Canadian dollar.
The TSX does not accept responsibility for the
accuracy of this release.
SOURCE Bonterra Energy Corp.