CALGARY, ALBERTA -- (Marketwired) -- 04/28/17 -- Canadian Equipment Rentals Corp. ("CERC" or the "Company") (TSX VENTURE: CFL) is pleased to announce that it has closed the previously announced $20.4 million loan transaction (the "Loan Transaction") between CERC and Maynbridge Capital Inc. ("Maynbridge") and repaid the existing syndicated lenders in full.
The Company is also pleased to announce that it has completed the conversion of $2.5 million of debt owing to a company controlled by Mr. Dean Swanberg in exchange for 10 million common shares of the Company, representing a price of $0.25 per share.
Concurrently with the closing of the Loan Transaction, the directors of CERC have appointed Mr. Swanberg and Mr. Dean Shillington, CEO of Maynbridge, to the Company's Board of Directors. Mr. Swanberg's experience and reputation as a veteran oilfield executive in Western Canada and Mr. Shillington's business and finance expertise are expected to be of great value to the Company.
About Canadian Equipment Rentals Corp.
Canadian Equipment Rentals Corp. is a Canadian public corporation and parent company to Zedcor Energy Services Corp. ("Zedcor"). Zedcor is engaged in the rental of surface equipment and accommodations to the Western Canadian Oil and Gas Industry. The Company trades on the TSX Venture Exchange under the symbol "CFL".
About Maynbridge Capital Inc.
Maynbridge Capital Inc. (www.maynbridge.ca) is a boutique lender that specializes in equipment and property financing to companies across Canada. With offices in Vancouver, Calgary, Toronto, Ottawa and Montreal, Maynbridge is an asset-based lender that assists companies through periods of transition in all economic climates.
Forward-Looking Statements and Information
Certain statements included or incorporated by reference in this press release constitute forward-looking statements or forward-looking information. Forward-looking statements or information may contain statements with the words "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "budget", "should", "project", "or similar words suggesting future outcomes or expectations. In particular, forward-looking statements and information contained in this press release, include, but are not limited to, expected benefits of the appointment of new directors of the Company. Although the Company believes that the expectations implied in such forward-looking statements or information are reasonable, undue reliance should not be placed on these forward-looking statements because the Company can give no assurance that such statements will prove to be correct. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of assumptions about the future and uncertainties. Although management believes these assumptions are reasonable, there can be no assurance that they will be proved to be correct, and actual results will differ materially from those anticipated. For this purpose, any statements herein that are not statements of historical fact may be deemed to be forward-looking statements. The forward-looking statements or information contained in this press release are made as of the date hereof and the Company assumes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new contrary information, future events or any other reason, unless it is required by any applicable securities laws. The forward-looking statements or information contained in this press release are expressly qualified by this cautionary statement.
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 release.
Contacts:
Ken Olson
Chief Financial Officer
(403) 930-5434
kolson@cercorp.ca
