CALGARY, Dec. 20, 2018 /CNW/ - MATRRIX Energy Technologies
Inc. ("MATRRIX" or the "Corporation") (TSX-V: MXX) is pleased to
announce it has established a demand operating revolving loan
facility with a Canadian chartered bank which provides for a
total credit capacity of up to, but not exceeding, a maximum of
$15 million, subject to customary
margining requirements.
The loan facility bears interest at the lender's prime rate plus
85 basis points and is secured by a general first ranking security
agreement on all assets, property and undertakings of the
Corporation.
The proceeds from the new loan facility are expected to provide
non-dilutive capital to accelerate the Corporation's growth and
help support current operations.
Management of MATRRIX believes that the new loan facility
positions the Corporation with a stable and flexible capital
structure and allows management to focus on operations, competitive
positioning, and opportunistic growth.
ADVISORY
Certain statements contained in this press release constitute
forward-looking statements or forward-looking information
(collectively, "forward-looking information"). Forward-looking
information relates to future events or the Corporation's future
performance. All information other than statements of historical
fact is forward-looking information. The use of any of the words
"anticipate", "plan", "contemplate", "continue", "estimate",
"expect", "intend", "propose", "might", "may", "will", "could",
"believe", "predict", and "forecast" are intended to identify
forward-looking information.
This press release contains forward-looking information
pertaining to, among other things: the use of proceeds of the new
loan facility; and the impact of the new loan facility on the
Corporation. This forward-looking information involves
material assumptions and known and unknown risks and uncertainties
and other factors, certain of which are beyond the Corporation's
control, that may cause actual results or events to differ
materially from those anticipated in such forward-looking
information. This press release, the Corporation's management's
discussion and analysis for the three and nine month periods ended
September 30, 2018, the Corporation's
annual information form for the year ended December 31, 2017 and other documents filed with
securities regulatory authorities (accessible through the SEDAR
website www.sedar.com) describe the risks, the material assumptions
and other factors that could influence actual results, which
include, among other things, anticipated financial performance; the
implementation of the Corporation's growth strategy; the ability to
execute the Corporation's capital program; business prospects;
conditions in general economic and financial markets; the ability
to get additional market share with the horizontal and directional
drilling segment; industry conditions; current commodity prices and
royalty regimes; regulatory developments; the impact of increasing
competition; future exchange rates; the availability and cost of
labour and services; the sufficiency of budgeted capital
expenditures in carrying out planned activities; timing and amount
of capital expenditures; the ability of the Corporation to renew
existing contracts and enter into new contracts; utilization and
pricing of the Corporation's systems and rigs; supply and demand
for oil and natural gas services relating to drilling and ancillary
services; effects of regulation by governmental agencies; tax laws;
future operating costs; and the ability to obtain financing on
acceptable terms, which are subject to change based on, amongst
other factors, commodity prices, market conditions and potential
timing delays. Although management of the Corporation considers
these assumptions to be reasonable based on information currently
available to it, such assumptions may prove to be incorrect.
Actual results, performance or achievements could differ material
from those expressed in, or implied by, forward-looking information
and, accordingly, no assurance can be given that any of the events
anticipated by the forward-looking information will transpire or
occur, or if any of them do so, what benefits the Corporation will
derive therefrom.
Statements, including forward-looking information, are made as
of the date of this press release and the Corporation does not
undertake any obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, except as may be required by applicable securities
laws. The forward-looking information contained in this press
release is expressly qualified by this cautionary statement.
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 release.
SOURCE MATRRIX Energy Technologies Inc.