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CALGARY, Alberta, June 21, 2023 (GLOBE NEWSWIRE) — Petrus Resources Ltd. (“Petrus” or the “Company”) ( TSX: PRQ ) is pleased to announce an increase to its Senior Secured Credit Facility (“Credit Facility”). Petrus’ lender, ATB Financial, has completed their semi-annual borrowing base redetermination and have agreed to increase the borrowing limit from $30.0 million to $45.0 million. The Credit Facility is payable on demand by the lender and the next semi-annual review is scheduled on or before November 30, 2023. The increase demonstrates confidence in the Company and our strategic direction. A combination of debt reduction and production growth have bolstered Petrus’ financial position and strengthened our balance sheet, which will allow us to continue to actively pursue our corporate objectives. Petrus is also pleased to announce that the Toronto Stock Exchange (the “TSX”) has accepted Petrus’ notice of intention to commence a normal course issuer bid (the “NCIB”). The NCIB allows Petrus to purchase up to 6,192,426 common shares (representing 5% of Petrus’ outstanding common shares as of June 15, 2023) over a period of twelve months commencing on June 28, 2023. On June 15, 2023, Petrus had 123,848,528 common shares outstanding. The NCIB will expire no […]
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