InPlay Oil Corp. Announces Extension of Annual Borrowing Base Redetermination
May 29 2020 - 4:05PM
InPlay Oil Corp. (TSX: IPO) (OTCQX: IPOOF) (“InPlay” or the
“Company”) announces an extension of its annual borrowing base
redetermination.
InPlay and its banking syndicate have agreed to
extend the date for completion of the annual borrowing base
redetermination from May 31, 2020 to June 30, 2020. This
provides the Company and the banking syndicate additional time to
assess current dynamic market conditions as well as the proposed
federal support programs being initiated through the Export
Development Bank of Canada and the Business Development Bank of
Canada.
The Company agreed to an amendment with the
extension whereby the aggregate principal amount under the credit
facility not exceed $65 million without lender’s consent. As
of today’s date, InPlay is drawn approximately $56.0 million on its
$75 million credit facility.
For further information please contact:
Doug Bartole President and Chief Executive Officer InPlay Oil Corp.
Telephone: (587) 955-0632 |
|
Darren Dittmer Chief Financial Officer InPlay Oil Corp. Telephone:
(587) 955-0634 |
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