VANCOUVER, BC, March 31, 2021 /CNW/ - Terrace Energy
Corp. (the "Company") (TSXV: TZR) announces that
the Supreme Court of British
Columbia has granted a final order approving the Company's
previously announced plan of arrangement (the "Arrangement")
under the the Business Corporations Act (British Columbia). Pursuant to the
Arrangement, all of the Company's outstanding convertible secured
notes due in April 2021 (the
"Notes") and a guarantee claim in the amount of US$500,000 (the "Guarantee Claim") will be
exchanged for newly issued common shares (the "Common
Shares") on the basis of 20,000 Common Shares for each
$1,000 of principal amount
outstanding under the Notes and the Guarantee Claim.
The Company received the requisite approval of the holders of
the Notes and certain holder of the Guarantee Claim, which was
obtained at a meeting of such holders held on March 29, 2021.
The Company anticipates completing the Arrangement on
April 1, 2021.
Readers should refer to the Company's management information
circular dated February 26, 2021, a
copy of which is available under the Company's profile on SEDAR at
www.sedar.com, which more fully sets forth the terms of the
Arrangement.
"Dave Gibbs"
Dave Gibbs, CEO
Cautionary Statement and Forward-Looking Information
This press release includes forward-looking information and
forward-looking statements (together, "forward-looking
information") within the meaning of applicable Canadian and
United States securities
laws. Forward-looking information includes
statements: regarding the Company's beliefs and expectations
regarding the completion and/or timing of the transactions
contemplated under the Arrangement. Users of forward-looking
information are cautioned that actual results may vary from the
forward-looking information disclosed in this press release. The
material risk factors that could cause actual results to differ
materially from the forward-looking information contained in this
press release include: the risk that the Company will be
unable to complete the Arrangement as contemplated; and
other risks and uncertainties described in the documents filed with
Canadian securities regulators at www.sedar.com. Readers are
cautioned that the assumptions used in the preparation of
forward-looking information, although considered reasonable at the
time of preparation, may prove to be imprecise and, as such, undue
reliance should not be placed on forward-looking information. The
Company does not assume the obligation to update any
forward-looking information, except as required by applicable
law.
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.
SOURCE Terrace Energy Corp.
CO: Terrace Energy Corp.
SOURCE Terrace Energy Corp.