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CALGARY, ALBERTA--(Marketwired - March 9, 2015) - Exall Energy Corporation ("Exall" or the "Company") (TSX:EE)(TSX:EE.DB) announced today that, further to its February 9, 2015 and February 11, 2015 announcements, Viking Investments Group, Inc. ("Viking") has advised Exall that given the current timing, it is considering dispensing with a bridge financing arrangement as a means to retire Exall's existing facility with its current senior Canadian lender (the "Facility") in full, and instead utilize proceeds from a larger, long-term debt financing being contemplated by Viking in Mauritius with assistance from BAO Capital Sarl (the "Bond Transaction"). Approximately $35.0 million from the Bond Transaction would be used to pay the Facility in full, in consideration for an assignment of the Facility and security package. Viking has advised Exall it expects the Bond Transaction will close by the end of March, 2015. Exall is working with its existing senior Canadian lender on this proposed change. |
