Gear Energy Ltd. Announces Extension of Borrowing Base Redetermination to December 18, 2020
CALGARY, AB, Nov. 30, 2020 /CNW/ - Gear Energy Ltd. ("Gear") (TSX: GXE) announces an extension to the scheduled date for its semi-annual borrowing base redetermination from November 30, 2020 to December 18, 2020.
Gear's syndicated credit facilities currently consist of available credit facilities of $70 million with the semi-annual redetermination due on or before November 30, 2020. Gear and its banking syndicate have agreed to extend the date for completion of the semi-annual borrowing base redetermination to December 18, 2020 to allow for additional time to finalize negotiations and to obtain required approvals.
SOURCE Gear Energy Ltd.
Gear Energy Ltd., Ingram B. Gillmore, President and Chief Executive Officer, (403) 538-8463; David Hwang, Vice President Finance & CFO, (403) 538-8437
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