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DXI Energy Inc. Receives Notice of Demand and Seizure of US Subsidiary Shares
August 25, 2020 5:15 PM EDT | Source: DXI Capital Corp.
Vancouver, British Columbia--(Newsfile Corp. - August 25, 2020) - DXI Energy Inc. (TSXV: DXI.H) ("DXI" or the "Company"), further to the Company's announcement on April 7, 2020 to discontinue operations in the oil and gas exploration and development industry, the Company received a notice of demand from Hodgkinson Ventures Inc. ("HVI") for repayment of the Company's indebtedness to HVI pursuant to the terms of an Amended and Restated Loan Agreement dated as of June 5, 2017 in the principal sum of $2,000,000, plus all accrued interest, failing which after HVI was at liberty to realize upon its security interest and seized the Company's shareholdings in the Company's US subsidiary, Dejour Energy (USA) Inc., a Nevada corporation.
At any time following August 25, 2020, HVI is at liberty to sell the shares of Dejour Energy (USA) Inc. in partial satisfaction of the Company's indebtedness, by private sale to an arm's length purchaser. All proceeds received by HVI reduces the remaining indebtedness by DXI, which will be converted to shares in due course, as approved by disinterested shareholders at the ASGM meeting on August 20, 2020.
Following this transaction, DXI, (being renamed DXI Capital Corp.) will retain over C$49mm in tax loss carry forwards, usable within the next 7 and 10 years.
Signed: The Board of Directors of DXI Energy Inc.
About DXI ENERGY INC.
DXI Energy Inc. is currently publicly traded on the NEX Exchange (TSXV: DXI.H).
NEX does not accept responsibility for the adequacy or accuracy of this news release.
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.
Contact:
Robert L. Hodgkinson
CEO
admin@dxienergy.com
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/62511