Bli medlem
Bli medlem

Du är här



BlackPearl Resources Inc.
Övrig information som ska lämnas enligt börsens regler


CALGARY, ALBERTA - BlackPearl Resources Inc. ("BlackPearl" or the "Company")
(TSX:PXX) (NASDAQ OMX Stockholm:PXXS) is pleased to announce that it has issued
$75 million aggregate principal amount of senior secured second lien notes
(”Notes”) to Prudential Capital Group. The Notes were issued at par and bear
interest at 8.00% per year, payable quarterly in arrears, and mature on June
30, 2020. The Notes were issued by way of a private placement and pursuant to
a note purchase agreement.

Proceeds from the issuance of the Notes will initially be used to repay amounts
outstanding under our existing credit facilities, fund the construction of the
expansion of our Onion Lake thermal project and for general corporate purposes.

In conjunction with the issuance of the Notes, the Company also amended its
existing credit facilities with its banking syndicate. The amendments include
an increase in the borrowing base amount from $117.5 million to $120 million.
The lenders previously agreed to extend the revolving period to May 27, 2018,
which may be extended in the future at the discretion of the lenders. If the
revolving period is not extended, any balance owing on the facilities would be
required to be repaid by May 27, 2019. The pricing grid used to calculate the
interest rates charged on the loans and stand-by fees remain unchanged. The
next borrowing base review is scheduled to occur by November 30, 2017.

The Notes have not been and will not be registered under the U.S. Securities
Act of 1933, as amended, and may not be offered or sold in the United States
absent registration or an applicable exemption from registration requirements.
This press release shall not constitute an offer to sell or the solicitation of
an offer to buy, nor shall there be any offer or sale of the Notes in any
state, or jurisdiction in which such offer, solicitation or sale would be

John Festival, president of BlackPearl, commented “We are pleased to put the
final piece of the financing arrangements in place for our 6,000 barrel per day
Phase 2 at Onion Lake. We are about 80% complete on the fabrication of the
modules for the plant facilities and we have commenced drilling of the wells.
We plan to start steam injection by mid-year 2018 with peak production of 6,000
barrels per day by mid-year 2019. Phase 1 was built for $225 million and
projected Phase 2 costs are $185 million. Phase 1 continues to perform at or
above name-plate capacity and because it operates with low royalties, operating
costs and sustaining capital, our Onion thermal project is in the top decile of
North American oil opportunities. Once Phase 2 is at peak production, we plan
to have paid down our debt and will look to start our next phase of thermal
production growth.”

Forward-looking Statements

This release contains certain forward-looking statements and forward-looking
information (collectively referred to as “forward-looking statements”) within
the meaning of applicable Canadian securities laws. All statements other than
statements of historic fact are forward-looking statements. Forward-looking
statements are typically identified by such words as "seek", "anticipate",
"plan", "continue", "estimate", "expect", "may", "will", "project",
"potential", "targeting", "intend", "could", "might", "should", "believe" or
similar words suggesting future events or future performance.

In particular, this release contains forward-looking statements pertaining to
the planned use of proceeds from the issuance of the Notes, estimated timing
for steam injection and peak production from Phase 2 of our thermal project at
Onion Lake and the estimated capital costs of $185 million for Phase 2.

The forward-looking information is based on, among other things, expectations
and assumptions by management regarding general economic and financial market
conditions, and timing and scheduling of its capital expenditures. Although
management considers these assumptions to be reasonable based on information
currently available to it, they may prove to be incorrect.

By their nature, forward-looking statements involve numerous known and unknown
risks and uncertainties that contribute to the possibility that actual results
will differ from those anticipated in the forward-looking statements. Further
information regarding these risk factors may be found under “Risk Factors” in
the Annual Information Form, which can be accessed on SEDAR at

Undue reliance should not be placed on these forward-looking statements. There
can be no assurance that the plans, intentions or expectations upon which
forward-looking statements are based will be realized. Actual results will
differ, and the differences may be material and adverse to the Company and its
shareholders. Furthermore, the forward-looking statements contained in this
release are made as of the date hereof, and the Company does not undertake any
obligation, except as required by applicable securities legislation, to update
publicly or to revise any of the included forward-looking statements, whether
as a result of new information, future events or otherwise. The forward-looking
statements contained herein are expressly qualified by this cautionary

For further information, please contact:

John Festival - President and Chief Executive Don Cook – Chief Financial
Officer Officer
Tel.: (403) 215-8313 Tel: (403) 215-8313
Robert Eriksson – Investor Relations Sweden
Tel.: +46 701-112615

This is information that BlackPearl Resources Inc. is obliged to make public
pursuant to the EU Market Abuse Regulation and the Swedish Securities Markets
Act. The information was submitted for publication at 9:30 a.m. Mountain Time
on June 30, 2017.

Författare Nasdaq Stockholm

Tala om vad ni tycker

Tala om vad ni tycker

Ni är just nu inne på en betaversion av nya aktiespararna. Lämna gärna feedback på vad ni tycker i formuläret nedan.