Gear Energy Ltd. Announces Extension of Borrowing Base Redetermination
May 27 2021 - 11:00PM
PR Newswire (Canada)
CALGARY, AB, May 27, 2021 /CNW/ - Gear Energy Ltd.
("Gear") (TSX: GXE) announces an extension to the scheduled
date for its semi-annual borrowing base redetermination.
As of March 31, 2021, Gear's
syndicated credit facilities consisted of available credit
facilities of $60 million with the
next semi-annual redetermination due on or before May 31, 2021 and a present maturity date of
May 27, 2022. Gear and its banking
syndicate are in the process of finalizing the completion of the
redetermination and have agreed to extend the date to June 30, 2021 to allow time to obtain required
approvals. There is currently $43
million outstanding under the credit facilities.
SOURCE Gear Energy Ltd.
Copyright 2021 Canada NewsWire
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