CALGARY, ALBERTA -- (Marketwired) -- 06/03/16 -- Anterra Energy Inc. ("Anterra" or the "Company") (TSX VENTURE: AE.A) announces that the Court of Queen's Bench of Alberta, Judicial Centre of Calgary (the "Court") has granted an extension until August 16, 2016 of the initial Order granted on May 6, 2016 pursuant to which Anterra was granted creditor protection under the Companies' Creditors Arrangement Act (Canada) (the "CCAA"). The extension was supported by PricewaterhouseCoopers Inc., the Court-appointed Monitor of Anterra's CCAA process.
The Company has arranged an interim, first-priority loan with a related party, in the principal amount of $2.5 million (the "Loan") to fund the CCAA Proceedings, expenditures required to bring Anterra's oilfield operations back online and general operations. Additionally, the Loan will facilitate the preparation and filing of the Company's outstanding annual and interim financial disclosures, revocation of cease trade orders issued against the Company by the Alberta, British Columbia and Ontario Securities Commissions, and reinstatement of trading on the TSX Venture Exchange.
Anterra also announces that Ms. Juan (Kiki) Wang has resigned from the board of directors of the Company effective immediately. Management and the Board of Directors of Anterra wishes to thank Ms. Wang for her contributions to the Company.
Reader Advisories
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 News Release.
Certain statements included in this news release constitute "forward-looking information" within the meaning of applicable securities legislation including the timing and continuance of CCAA protection and the timing of filing of the Company's annual and interim financial disclosure and related certification, the revocation of the cease trade orders and the resumption of trading of the Company's common shares. Such forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Anterra to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.
Specifically, some of the material risks include not being able to obtain financing to complete a restructuring and the uncertainty involved in the Court proceedings and the implementation of a plan under the CCAA and the reinstatement of trading on the TSX Venture Exchange.
The forward-looking information contained in this news release represents the expectations of Anterra as at June 3, 2016, and, accordingly, is subject to change after such date. However, the Company expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.
Contacts:
Dr. Gang Fang
Chairman and Chief Executive Officer
(403) 215-2383
(403) 261-6601 (FAX)
fangg@anterraenergy.com
Norm Knecht CA
Vice President Finance and CFO
(403) 215-3286
(403) 261-6601 (FAX)
norm.knecht@anterraenergy.com
