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Edge Resources (EDG)

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Tuesday 05 April, 2016

Edge Resources

Demand by Lender to Repay Outstanding Indebtedness

RNS Number : 1319U
Edge Resources Inc.
05 April 2016
 

TSX Venture Exchange Symbol: EDE

AIM Exchange Symbol: EDG                                                                                                          April 5, 2016

EDGE RESOURCES INC.                                                                                                        Calgary, Alberta

 

 

Edge Resources Announces Demand by Lender to Repay Outstanding Indebtedness and Notice of Intention to Enforce Security

 

Edge Resources Inc. ("Edge" or the "Company") announces that its lender, Alberta Treasury Branch ("ATB"), has made demand upon Edge for payment in full of Edge's outstanding indebtedness in the aggregate amount of approximately $8.4 million plus interest, costs and fees by Monday, April 11, 2016 at 5:00 p.m. In addition, ATB has provided Edge with a Notice of Intention to Enforce Security pursuant to subsection 244(1) of the Bankruptcy and Insolvency Act (Canada).

The Company is in continued discussions with its subordinated lender to acquire the debt from ATB.  While the Company is hopeful and encouraged that its subordinated lender will acquire the debt, which would allow the Company to continue operating, there are no guarantees this will happen before the deadline imposed by ATB.  

As announced on March 4th and 15th 2016, trading in the Company's shares on AIM is currently suspended as the Company does not have an AIM nominated adviser appointed.  The Company's admission to AIM will be cancelled on April 15th, 2016, as it does not intend to appoint a new nominated adviser.

For more information, visit the company website: www.edgeres.com or contact:

 

Brad Nichol, President and CEO                                                                        Phone: +1 403 767 9905

 

 

About Edge Resources Inc.

 

Edge Resources is focused on developing a balanced portfolio of oil and natural gas assets from properties in Alberta and Saskatchewan, Canada.  Management has consistently focused on:

 

1.       Shallow, vertical, conventional programs with reduced capital, operational and geological risks

2.       Very high or 100% working interests and fully operated assets

3.       Pools and horizons with large reserves in place


This information is provided by RNS
The company news service from the London Stock Exchange
 
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