VANCOUVER, BC, April 1, 2021 /CNW/ - Terrace Energy
Corp. (the "Company") (TSXV: TZR) announces that
further to its press release dated March 31,
2021, it has completed its previously announced plan of
arrangement (the "Plan of Arrangement"), pursuant to which
all of the Company's outstanding convertible secured notes due in
April 2021 (the "Notes") and a
guarantee claim (the "Guarantee Claim") in the amount of
US$500,000 have been exchanged for
newly issued common shares of the Company.
As at the effective time of the Plan of Arrangement, the
aggregate principal amount of the outstanding Notes, being
$33,070,000, and the principal amount
of the Guarantee Claim, being $628,750 (based on the applicable exchange rate
quoted by the Bank of Canada on
March 31, 2021) were exchanged for
673,960,000 common shares in the capital of the Company (the
"Common Shares"). As a result of the transaction, the
Company has a total of 772,844,821 Common Shares issued and
outstanding as of the date hereof.
"Dave Gibbs"
Dave Gibbs, CEO
NEITHER 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.
CO: Terrace Energy Corp.
SOURCE Terrace Energy Corp.