CWV: TSX.V
CALGARY,
AB, Oct. 29, 2024 /CNW/ -
(TSXV: CWV) Crown Point Energy Inc. ("Crown
Point", the "Company" or "we")
is pleased to announce that its wholly-owned Argentine subsidiary,
Crown Point Energía S.A. ("CPE"), has placed a total of
US$22.0 million principal amount of
Series VI secured fixed-rate notes ("Series VI Notes"), to
be issued on October 30, 2024, which
are denominated in US$ and payable in US$ (the
"Offering").
The total principal amount of the Series VI Notes will be repaid
in three equal installments starting on October 30, 2026 and the last installment will be
payable on October 30, 2027. The
Series VI Notes accrue interest at a fixed rate of 9.50% per annum,
payable every six months in arrears from the issue date. The Series
VI Notes will be secured with a pledge on crude oil sales
collections from the Piedra Clavada and Koluel Kaike concessions
following their acquisition by the Company.
The net proceeds from the Offering will be used for general
corporate purposes and to make investments in the development of
assets in Argentina.
The Offering was made pursuant to CPE's Negotiable Obligations
Issuance Global Program for up to US$75
million (or its equivalent in other currencies) established
by CPE's base prospectus dated July 25,
2024, as supplemented by prospectus supplement dated
October 23, 2024, copies of which can
be found in Spanish on the Financial Information Highway on the CNV
website (https://www.argentina.gob.ar/cnv), on the primary
placements micro-website (MPMAE) of the Mercado Abierto Electrónico
S.A. ("MAE"), and in the Bolsas y Mercados Argentinos S.A.'s
and MAE's daily electronic bulletin.
Following the closing of the Offering, CPE will have the
following notes outstanding: US$8,371,469 principal amount of Series III
Notes; US$10,107,000 principal amount
of Series IV Notes; US$7,183,058
principal amount of Series V Notes; and US$22,000,000 principal amount of Series VI
Notes.
References to "US$" are to United
States dollars.
About Crown Point
Crown Point is an international oil and gas exploration and
development company incorporated in Alberta, Canada, trading on the TSX Venture
Exchange and operating in Argentina. Crown Point's exploration and
development activities are focused in three producing basins in
Argentina, the Austral basin in
the province of Tierra del Fuego, and the Neuquén and Cuyano basins
in the province of Mendoza. Crown Point has a strategy that focuses
on establishing a portfolio of producing properties, plus
production enhancement and exploration opportunities to provide a
basis for future growth.
Forward-looking Information: This document contains
forward-looking information. This information relates to
future events and the Company's future performance. All
information and statements contained herein that are not clearly
historical in nature constitute forward-looking information.
Such information represents the Company's internal projections,
estimates, expectations, beliefs, plans, objectives, assumptions,
intentions or statements about future events or performance.
This information involves known or unknown risks, uncertainties and
other factors that may cause actual results or events to differ
materially from those anticipated in such forward-looking
information. Crown Point believes that the expectations reflected
in this forward-looking information are reasonable; however, undue
reliance should not be placed on this forward-looking information,
as there can be no assurance that the plans, intentions or
expectations upon which they are based will occur. This press
release contains forward-looking information concerning, among
other things, the anticipated closing date of the Offering, the
anticipated terms of the Series VI Notes, the anticipated use of
proceeds of the Offering and certain elements of the Company's
business strategy and focus. The reader is cautioned that such
information, although considered reasonable by the Company, may
prove to be incorrect. Actual results achieved during the forecast
period will vary from the information provided in this document as
a result of numerous known and unknown risks and uncertainties and
other factors. A number of risks and other factors could cause
actual results to differ materially from those expressed in the
forward-looking information contained in this document including,
but not limited to, the following: the risk that the closing of the
Offering is delayed or does not occur, the risk that the terms of
the Series VI Notes are amended before closing, the risk that CPE
determines to use the proceeds of the Offering for purposes other
than as disclosed herein; and the risks and other factors described
under "Business Risks and Uncertainties" in the Company's most
recently filed management's discussion and analysis and under "Risk
Factors" in the Company's most recently filed Annual Information
Form, which are available for viewing on SEDAR+ at
www.sedarplus.ca. With respect to forward-looking information
contained in this document, the Company has made assumptions
regarding various matters, including the ability of the Company to
satisfy all conditions to closing and how the proceeds of the
Offering will be used. Management of Crown Point has included
the forward-looking information included in this document in order
to provide investors with a more complete perspective on the
Company's future operations. Readers are cautioned that this
information may not be appropriate for other purposes. Readers are
cautioned that the foregoing lists of factors are not
exhaustive. The forward-looking information contained in this
document are expressly qualified by this cautionary statement. The
forward-looking information contained herein is made as of the date
of this document and the Company disclaims any intent or obligation
to update publicly any such forward-looking information, whether as
a result of new information, future events or results or otherwise,
other than as required by applicable Canadian securities laws.
Neither 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.
SOURCE Crown Point Energy Inc.