/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
EDMONTON, AB, Feb. 16, 2021 /CNW/ - Wolverine Energy and
Infrastructure Inc. ("Wolverine" or the "Company") (TSXV: WEII) is
pleased to announce that it has entered into a purchase agreement
(the "Offering") and has issued an unsecured redeemable promissory
note (the "Note") in the principal amount of CDN$10,000,000 to Alberta Investment Management
Corporation on behalf of certain of its clients.
The Note shall bear interest at a rate of 12.6% per annum, which
will be paid quarterly on the last day of March, June, September
and December in each year. The maturity date of the Note is the
five-year anniversary of the issue date. From and after the
three-year anniversary of the issue date, the Company may repay the
outstanding principal amount of the Note, including any accrued but
unpaid interest, in whole or, when not in default under the terms
of the Note, in part.
Net proceeds of the Offering will be used to selectively fund
oil field services-related transactions.
Cautionary Statements
This news release contains certain statements or disclosures
relating to Wolverine that are based on the expectations of its
management as well as assumptions made by and information currently
available to Wolverine which may constitute forward-looking
statements or information ("forward-looking statements") under
applicable securities laws. All such statements and disclosures,
other than those of historical fact, which address activities,
events, outcomes, results or developments that Wolverine
anticipates or expects may, or will occur in the future (in whole
or in part) should be considered forward-looking statements. In
some cases, forward-looking statements can be identified by the use
of the words "may", "intends", "will", "should", "believe" and
similar expressions. In particular, but without limiting the
foregoing, this news release contains forward-looking statements
pertaining to the proposed used of funds from the Offering.
Wolverine believes the material factors, expectations and
assumptions reflected in the forward-looking statements are
reasonable at this time but no assurance can be given that these
factors, expectations and assumptions will prove to be correct. Any
forward-looking statements are not guarantees of future performance
and should not be unduly relied upon. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause actual results or events to differ
materially from those anticipated in such forward-looking
statements including, without limitation: a significant expansion
in COVID-19 restricting or prohibiting the operation of the
Wolverine's operations or supply chain; industry conditions
including changes in laws and regulations including adoption of new
environmental laws and regulations, and changes in how they are
interpreted and enforced, in Canada and the
United States; competition; the duration and extent of the
relatively low global oil prices, development and production in the
Western Canadian Sedimentary Basin; general economic, market and
business conditions including those in the event of an epidemic,
natural disaster or other event; increased costs and expenses and
certain other risks detailed from time to time in Wolverine's
public disclosure documents including, without limitation, those
risks identified in this news release, and in Wolverine's public
disclosure documentation found on Wolverine's SEDAR profile at
www.sedar.com. Moreover, the duration and impact of the COVID-19
pandemic is unknown at this time and it is not possible to reliably
estimate the length and severity of these developments and the
impact on the financial results and condition of the Corporation.
Readers are cautioned that the foregoing list of factors is not
exhaustive and are cautioned not to place undue reliance on these
forward-looking statements.
The forward-looking statements contained in this news release
are made as of the date hereof and the Corporation undertakes no
obligation to update publicly or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, unless so required by applicable securities laws.
Neither the TSXV nor its Regulation Services Provider (as that term
is defined in the policies of the TSXV) has in any way approved or
disapproved the contents of this news release. The TSXV does not
accept responsibility for the adequacy or accuracy of this
release.
SOURCE Wolverine Energy and Infrastructure Inc.