CALGARY, AB / ACCESSWIRE / July 13, 2020 / PetroFrontier Corp. ("PetroFrontier" or the "Corporation") (TSXV:PFC) announces that the Corporation's first quarter 2020 Financial Statements and Management's Discussion and Analysis have been filed on SEDAR (www.sedar.com).
The Corporation also announces that on July 13, 2020, it entered into a debenture extending agreement dated effective as at June 30, 2020 (the "Debenture Extending Agreement").
The debenture, dated July 21, 2016, (the "Debenture") originally matured on June 30, 2019 and was extended to June 30, 2020 by letter agreement dated June 3, 2019.
The Debenture Extending Agreement further extends the maturity of the Debenture to June 30, 2022. In connection with the extension, the Corporation will pay an annual fee of 2% of the amount owing under the debenture and the interest rate will be revised to 8% per annum. All amounts owing under the debenture, including accrued interest, will be payable on the extended maturity date.
Amounts owing under the Debenture will be convertible, at the Debenture holder's option, into common shares of the Corporation at a price of $0.05 per share for the first year and $0.10 for the second year. Convertibility of the Debenture, and the common shares which would be issued by the Corporation thereunder, remain subject to the approval of the TSX Venture Exchange, Inc.
About PetroFrontier Corp.
PetroFrontier is a junior energy company currently focused on developing two Mannville heavy oil plays in the Cold Lake and Wabasca areas of Alberta.
PetroFrontier's head office is in Calgary, Alberta and its common shares are listed for trading on the Exchange under the symbol "PFC".
Forward-Looking Statements
This press release may contain forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of PetroFrontier. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Any forward-looking statements are made as of the date of this release and, other than as required by applicable securities laws, PetroFrontier does not assume any obligation to update or revise them to reflect new events or circumstances.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For More Information Contact:
Kelly Kimbley, President & CEO
PetroFrontier Corp.
Suite 900, 903 - 8 Avenue S.W.
Calgary, Alberta, Canada T2P 0P7
Telephone: (403) 718-0366
Email: [email protected]
Website: www.petrofrontier.com
SOURCE: PetroFrontier Corp.