Traverse Energy Provides Corporate Update
01 June 2019 - 6:01AM
Traverse Energy Ltd. (“
Traverse” or “
the
Company”) (
TSX Venture: TVL) is providing
a corporate update. The Company’s lender has extended the
annual review date of the Company’s revolving operating loan
facility to July 31, 2019 in order to complete the annual
borrowing base redetermination. The revolving operating loan
has been amended from $9 million to $7 million, which is consistent
with the Company’s lender having previously capped the credit
facility at $7 million pending the completion of the annual review,
and includes a requirement that Traverse use all of the proceeds
from the potential sale of the Company’s Duvernay lands to
permanently repay borrowings under the revolving operating loan.
Traverse also announces that at its Special and
Annual Meeting of Shareholders held on May 22, 2019, Laurie Smith,
David Erickson, David van der Lee, Adam Wells, Robert Libin and
Reid Hutchinson were elected as directors. Prior to the
meeting Dan Kolibar withdrew his name as a director nominee as he
advised the Company he was not able to serve as a director during
the ensuing year due to conflicting obligations. Sharon
Supple, the Company’s Chief Financial Officer, was appointed
Corporate Secretary effective May 22, 2019.
For more information, please
contact:
Traverse Energy Ltd.
Laurie SmithPresident and Chief Executive
Officer
Further details on the Company including the
2018 year end audited financial statements, the related
management’s discussion and analysis and Annual Information Form
are available on the Company’s website (www.traverseenergy.com) and
SEDAR.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accept responsibility for the
adequacy or accuracy of the content of this release.
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