CALGARY, Nov. 26, 2015 /PRNewswire/ - Spyglass
Resources Corp. ("Spyglass", or the "Company") (TSX: SGL, OTCQX:
SGLRF) announces that the Company's syndicate of lenders will
file an application with the Court of Queen's Bench of Alberta to place the Company into Receivership
and appoint Ernst & Young as Receiver to manage the Company's
affairs (the "Receiver"). The application is scheduled to be
heard in Court on Thursday, November 26,
2015 at 10:30 a.m. (MST) and
it is expected the Court will grant the application. The
Receiver will be charged with managing the day to day affairs of
the Company during the period of appointment and should be
contacted with respect to any questions concerning the assets and
liabilities of Spyglass.
Due to the low probability of meeting the covenant contained in
the credit agreement to pay down $35
million of its reducing term facility by November 30, 2015, the Company's Board of
Directors has decided not to oppose the appointment of the Receiver
and intend to resign immediately upon the appointment of the
Receiver. As a result, the Special Meeting of Shareholders
scheduled for Thursday, December 17,
2015 is cancelled. The common shares of the Company
may, at the discretion of the TSX, in accordance with Section 704
of the TSX Company Manual, be immediately halted from trading on
the TSX.
Reader Advisory and Note Regarding Forward Looking
Information
Certain statements contained within this press release, and in
certain documents incorporated by reference into this document
constitute forward looking statements. These statements
relate to future events or future performance. All statements,
other than statements of historical fact, may be forward looking
statements. Forward looking statements are often, but not
always, identified by the use of words such as "seek",
"anticipate", "budget", "plan", "continue", "estimate", "expect",
"forecast", "may", "will", "project", "predict", "potential",
"targeting", "intend", "could", "might", "should", "believe" and
similar expressions. 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.
In particular, this press release contains the following forward
looking statements pertaining to, without limitation, the
following: (i) Spyglass' ability to meet its covenants contained in
its credit agreement; and (ii) whether the Court will grant the
Receivership Application.
Readers are cautioned that the foregoing lists of factors are
not exhaustive. The forward looking statements contained in
this press release and the documents incorporated by reference
herein are expressly qualified by this cautionary statement.
The forward looking statements contained in this press release
speak only as of the date thereof and Spyglass does not assume any
obligation to publicly update or revise them to reflect new events
or circumstances, except as may be required pursuant to applicable
securities laws.
SOURCE Spyglass Resources