TSX: LCFS
CALGARY,
AB, Aug. 30, 2024 /CNW/ - Tidewater Renewables
Ltd. ("Tidewater Renewables" or the "Corporation") (TSX: LCFS) is
pleased to announce that the Corporation, with the support of its
debt capital providers, has obtained an interim extension of the
maturity of its $175 million first
lien senior credit facility, and its $25
million of additional debt capacity under the second lien
term debt facility, from August 30,
2024 to September 18,
2024.
This interim extension is expected to provide the Corporation
with the necessary time to finalize the definitive agreements to,
attain the necessary special committee, board, TSX and other
required approvals for and complete the proposed transaction with
Tidewater Midstream and Infrastructure Ltd., which was announced
and described by the Corporation on August
15, 2024 in its second quarter press release (the "Proposed
Transaction") as well as related longer term extensions and
amendments with its debt capital providers.
ABOUT TIDEWATER RENEWABLES
Tidewater Renewables is a multi-faceted energy transition
company. The Corporation is focused on the production of low carbon
fuels, including renewable diesel. The Corporation was created in
response to the growing demand for renewable fuels in North America and to capitalize on its
potential to efficiently turn a wide variety of renewable
feedstocks (such as tallow, used cooking oil, distillers corn oil,
soybean oil, canola oil and other biomasses) into low carbon fuels.
Tidewater Renewables' objective is to become one of the leading
Canadian renewable fuel producers. Additional information relating
to Tidewater Renewables is available on SEDAR+ at www.sedarplus.ca
and at www.tidewater-renewables.com.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements. The use
of any of the words "anticipate", "continue", "estimate", "expect",
"may", "will", "intend", "project", "should", "believe" and similar
expressions are intended to identify forward-looking statements.
These statements involve known and unknown risks, uncertainties and
other factors that may cause actual results or events to differ
materially from those anticipated in such forward-looking
statements. More particularly, this press release contains
statements concerning the Proposed Transaction and related
transactions and the expected timing and completion thereof.
Although the forward-looking statements contained in this press
release are based upon assumptions which management of the
Corporation believes to be reasonable, the Corporation cannot
assure investors that actual results will be consistent with these
forward-looking statements. Any forward-looking statements
contained in this press release represent expectations as of the
date of this press release and are subject to change after such
date. However, the Corporation is under no obligation (and the
Corporation expressly disclaims any such obligation) to update or
alter any statements containing forward-looking information, the
factors or assumptions underlying them, whether as a result of new
information, future events or otherwise, except as required by law.
With respect to the forward-looking statements contained in this
press release, the Corporation has made assumptions regarding the
successful negotiation of definitive agreements regarding the
Proposed Transaction; the closing of the Proposed Transaction, the
timing thereof and the ability of the parties to satisfy all
conditions related thereto; and the expectation that the liquidity
issues of Tidewater Renewables will be addressed by the Proposed
Transaction.
The completion of the Proposed Transaction and related
transactions is subject to attaining the necessary special
committee, board and TSX approvals and the completion of all
required documentation, financing and regulatory approvals. In
addition, the Corporation is subject to a number of risks and
uncertainties, many of which are beyond the Corporation's control.
Such risks and uncertainties include the factors discussed under
"Risk Factors" in the Corporation's annual information form for the
year ended December 31, 2023 and the
most recent management's discussion and analysis.
All the forward-looking statements in this press release are
qualified by the cautionary statements herein. Further information
about factors affecting forward-looking statements and management's
assumptions and analysis thereof is available in filings made by
the Corporation with Canadian securities commissions available on
SEDAR+ at www.sedarplus.ca.
SOURCE Tidewater Renewables Ltd.
