Toscana Energy Announces New $36 Million Senior Secured Revolving Credit Facility
April 28 2017 - 3:30PM
Toscana Energy Income Corporation (the
"Corporation") (TSX:TEI) is pleased to announce that it
has entered into a commitment letter with respect to a new senior
secured demand revolving credit facility with Alberta Treasury
Branches ("ATB").
The Credit Facility will provide the Corporation
with a $36 million Credit Facility that will be available on a
fully revolving basis. ATB has committed to the new Credit Facility
subject to the finalization of documentation.
Current bank borrowings are estimated at $26
million, leaving approximately $10 million available for general
corporate purposes. This new Credit Facility provides for expanded
flexibility in managing corporate affairs within the current
marketplace.
Forward-Looking Statements:
This news release contains forward‐looking
statements and forward‐looking information within the meaning of
applicable securities laws. These statements relate to future
events or future performance. All statements other than
statements of historical fact may be forward‐looking statements or
information. Forward‐looking statements and information are
often, but not always, identified by the use of words such as
"appear", "seek", "anticipate", "plan", "continue", "estimate",
"approximate", "expect", "may", "will", "project", "predict",
"potential", "targeting", "intend", "could", "might", "should",
"believe", "would" and similar expressions.
More particularly and without limitation, this
news release contains forward‐looking statements and information
concerning completion of final documentation in connection with the
Credit Facility. The forward‐looking statements and
information are based on certain key expectations and assumptions
made by management of the Corporation, including expectations and
assumptions concerning well production rates and reserve volumes;
project development and overall business strategy. Although
management of the Corporation believes that the expectations and
assumptions on which such forward looking statements and
information are based are reasonable, undue reliance should not be
placed on the forward‐looking statements and information since no
assurance can be given that they will prove to be correct.
Forward-looking statements and information are
provided for the purpose of providing information about the current
expectations and plans of management of the Corporation relating to
the future. Readers are cautioned that reliance on such statements
and information may not be appropriate for other purposes, such as
making investment decisions. Since forward‐looking statements and
information address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Actual
results could differ materially from those currently anticipated
due to a number of factors and risks. These include, but are not
limited to, the risks associated with the oil and gas industry in
general such as operational risks in development, exploration and
production delays or changes in plans with respect to exploration
or development projects or capital expenditures; the uncertainty of
reserve estimates; the uncertainty of estimates and projections
relating to reserves, production, costs and expenses; health,
safety and environmental risks; commodity price and exchange rate
fluctuations; marketing and transportation; loss of markets;
environmental risks; competition; incorrect assessment of the value
of acquisitions and failure to realize the anticipated benefits of
acquisitions; ability to access sufficient capital from internal
and external sources; failure to obtain required regulatory and
other approvals and changes in legislation, including but not
limited to tax laws, royalties and environmental regulations.
Accordingly, readers should not place undue reliance on the
forward‐looking statements, timelines and information contained in
this news release. Readers are cautioned that the foregoing list of
factors is not exhaustive.
The forward‐looking statements and information
contained in this news release are made as of the date hereof and
no undertaking is given to update publicly or revise any
forward‐looking statements or information, whether as a result of
new information, future events or otherwise, unless so required by
applicable securities laws or the Toronto Stock Exchange
(“TSX”). The forward-looking statements or information
contained in this news release are expressly qualified by this
cautionary statement.
About Toscana Energy Income
CorporationToscana Energy Income Corporation is a
conventional oil and gas producer with the mandate to acquire high
quality, long life oil and gas assets including royalties,
non-operated working interests and unitized production for yield
and capital appreciation. Toscana Energy Income Corporation is
managed by Sprott Toscana through Toscana Energy Corporation.
Sprott Toscana is a member of the Sprott Group of Companies.
For further information, please visit our
website at www.sprott-toscana.com or contact:Joseph S.
Durante, Chief Executive OfficerTel: (403)
410-6793Fax: (403)
444-0090E-Mail: jdurante@sprott-toscana.com
SOURCE: Toscana Energy Income Corporation