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CALGARY, Alberta – Razor Energy Corp. (“ Razor ” or the “ Company “) ( TSXV: RZE ) is pleased to announce that it has secured an extension to its existing non-revolving term loan facility from Alberta Investment Management Corporation (“AIMCo”), on behalf of certain of AIMCo’s clients, for an amended principal amount of $50.1 million (the “Second Amended and Restated Loan Agreement” or the “Term Loan Facility”). The terms of the Term Loan Facility are materially unchanged from the previous Amended Term Loan Facility established in January 2017. Principal is due January 31, 2024 with an interest rate of 10%, payable semi-annually. As consideration for the Term Loan Facility, FutEra Power Corp. (“FutEra”), currently a wholly owned subsidiary of Razor, will, on closing of the Term Loan Facility, grant AIMCo common shares of FutEra representing 22.4% of the total outstanding common shares. In the event that the Swan Hills Geothermal Project has not been funded by July 31, 2021, the shares issued as part of this transaction shall be returned to Razor and a bonus payment of $3.5 million will be added to the principal amount of the Term Loan Facility. The Company is grateful for its partnership […]
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