Razor Energy Corp. Announces Deferral of Interest Payment
December 31 2020 - 4:15PM
Razor Energy Corp. ("
Razor" or the
"
Company") (TSXV: RZE) is announcing that it will
be deferring the scheduled December 31, 2020 interest payment to
the Alberta Investment Management Corporation (“AIMCo”) under the
existing $47.7 million Term Loan Facility (the “Amended Term Loan
Facility”). The interest will be capitalized, adding to the
principal of the existing Amended Term Loan Facility.
The Amended Term Loan Facility matures on
January 31, 2021 and bears an interest rate of 10% per annum. The
Amended Term Loan Facility is secured by a first charge on all
present and after-acquired personal property as well as a floating
charge on land pursuant to a general security agreement and a
promissory note.
The Company is grateful to be partners with
AIMCo and the continued support as both a major shareholder and
senior lender.
About Razor
Razor is a publicly-traded junior oil and gas
development and production company headquartered in Calgary,
Alberta, concentrated on acquiring, and subsequently enhancing,
producing oil and gas properties primarily in Alberta. The Company
is led by experienced management and a strong, committed Board of
Directors, with a long-term vision of growth, focused on efficiency
and cost control in all areas of the business. Razor currently
trades on TSXV under the ticker "RZE".
For additional information please
contact:
Doug BaileyPresident and Chief Executive Officer |
OR |
Kevin BraunChief Financial Officer |
Razor Energy
Corp.800, 500-5th Ave SWCalgary, Alberta T2P 3L5Telephone: (403)
262-0242www.razor-energy.com |
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 news release.
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