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CALGARY, Alberta – Petrus Resources Ltd. (“ Petrus ” or the “ Company “) ( TSX: PRQ ) is pleased to announce that it has closed the credit refinancing transactions previously announced on May 5, 2022. The Company has entered into agreements with new lenders to the Company which provide two new credit facilities (the “ New Credit Facilities ”) totaling up to $55 million. The New Credit Facilities consist of a $30 million reserve-based, secured operating revolving loan facility with ATB Financial (the “ ATB Facility “) and a second lien secured term facility in the amount of $25 million (the “ Second Lien Facility “) with Stuart Gray, a principal shareholder of the Company. The New Credit Facilities, together with the net proceeds of the Company’s recently closed $20 million rights offering (the “Rights Offering” and together with the New Credit Facilities, the “Transactions ”) have been used to repay in full all amounts owning under the Company’s previously secured revolving credit facility ( “Previous RCF” ). Following closing on May 2, 2022, the net proceeds from the Rights Offering were used to repay a portion of the amounts drawn under the Company’s Previous RCF. On closing […]
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