Cuda Oil and Gas Inc. Closes Share Issuance in Connection with Debt Restructuring
Calgary, Alberta--(Newsfile Corp. - February 23, 2021) - Cuda Oil and Gas Inc. (TSXV: CUDA) ("Cuda" or the "Company") is pleased to announce that it has completed the previously announced issuance of 9.1 million common shares to its lender in accordance with the terms of the restructuring of the Company's indebtedness that was announced on January 26, 2021.
Pursuant to the terms of the amendment and extension of the Company's credit facilities with its existing lender (the "Existing Lender") and the subordination of such credit facilities to a new senior credit facility in the amount of Cdn$9 million, the Company issued 9.1 million common shares to funds controlled by the Existing Lender for no cash consideration and 1.5 million common share purchase warrants previously issued to funds controlled by the Existing Lender have been cancelled.
After giving effect to the transaction, the Company has 45,536,220 common shares issued and outstanding and funds controlled by the Existing Lender hold 19.98% of the issued and outstanding common shares of the Company.
About Cuda Oil and Gas Inc.
Cuda Oil and Gas Inc. is engaged in the business of exploring for, developing and producing oil and natural gas, and acquiring oil and natural gas properties across North America. The Cuda management team has worked closely together for over 20 years in both private and public company environments and has an established track record of delivering strong shareholder returns. Cuda will continue to implement its proven strategy of exploring, acquiring, and exploiting with a long-term focus on large, light oil resource- based assets across North America including significant operational experience in the United States. The Cuda management team brings a full spectrum of geotechnical, engineering, negotiating and financial experience to its investment decisions.
For further information please contact:
President and Chief Executive Officer
Cuda Oil and Gas Inc.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/75253