CALGARY, June 1, 2016 /CNW/ - LGX Oil + Gas Inc.
("LGX", or the "Company") (TSXV:
OIL) announces that the Company's lender has not
extended the credit facility past May 31,
2016 and has demanded payment of $31.3 million, the full amount outstanding on the
operating loan facility including accrued interest by June 10, 2016 at which time the lender can
enforce their security and appoint a Receiver to manage the
Company's affairs.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Reader Advisory and Note Regarding Forward Looking Information
Certain statements contained within this press release, and in
certain documents incorporated by reference into this document
constitute forward looking statements. These statements relate to
future events or future performance. All statements, other than
statements of historical fact, may be forward looking statements.
Forward looking statements are often, but not always, identified by
the use of words such as "seek", "anticipate", "budget", "plan",
"continue", "estimate", "expect", "forecast", "may", "will",
"project", "predict", "potential", "targeting", "intend", "could",
"might", "should", "believe" and similar expressions. These
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. In particular, this press release contains the
following forward looking statements pertaining to, without
limitation, the following: whether the lender will enforce security
and appoint a Receiver.
Readers are cautioned that the foregoing lists of factors are
not exhaustive. The forward looking statements contained in this
press release and the documents incorporated by reference herein
are expressly qualified by this cautionary statement. The forward
looking statements contained in this press release speak only as of
the date thereof and LGX does not assume any obligation to publicly
update or revise them to reflect new events or circumstances,
except as may be required pursuant to applicable securities
laws
SOURCE LGX Oil + Gas Inc.