TIDEWATER RENEWABLES LTD. ANNOUNCES EXTENSION OF CREDIT FACILITIES AND UPDATE ON THE STATUS OF ITS PREVIOUSLY ANNOUNCED PROPOSED TRANSACTION WITH TIDEWATER MIDSTREAM

TSX: LCFS

CALGARY, AB, Aug. 30, 2024 /CNW/ - Tidewater Renewables Ltd. ("Tidewater Renewables" or the "Corporation") (TSX: LCFS) is pleased to announce that the Corporation, with the support of its debt capital providers, has obtained an interim extension of the maturity of its $175 million first lien senior credit facility, and its $25 million of additional debt capacity under the second lien term debt facility, from August 30, 2024 to September 18, 2024.

This interim extension is expected to provide the Corporation with the necessary time to finalize the definitive agreements to, attain the necessary special committee, board, TSX and other required approvals for and complete the proposed transaction with Tidewater Midstream and Infrastructure Ltd., which was announced and described by the Corporation on August 15, 2024 in its second quarter press release (the "Proposed Transaction") as well as related longer term extensions and amendments with its debt capital providers.

ABOUT TIDEWATER RENEWABLES

Tidewater Renewables is a multi-faceted energy transition company. The Corporation is focused on the production of low carbon fuels, including renewable diesel. The Corporation was created in response to the growing demand for renewable fuels in North America and to capitalize on its potential to efficiently turn a wide variety of renewable feedstocks (such as tallow, used cooking oil, distillers corn oil, soybean oil, canola oil and other biomasses) into low carbon fuels. Tidewater Renewables' objective is to become one of the leading Canadian renewable fuel producers. Additional information relating to Tidewater Renewables is available on SEDAR+ at www.sedarplus.ca and at www.tidewater-renewables.com.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "intend", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. More particularly, this press release contains statements concerning the Proposed Transaction and related transactions and the expected timing and completion thereof.

Although the forward-looking statements contained in this press release are based upon assumptions which management of the Corporation believes to be reasonable, the Corporation cannot assure investors that actual results will be consistent with these forward-looking statements. Any forward-looking statements contained in this press release represent expectations as of the date of this press release and are subject to change after such date. However, the Corporation is under no obligation (and the Corporation expressly disclaims any such obligation) to update or alter any statements containing forward-looking information, the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law. With respect to the forward-looking statements contained in this press release, the Corporation has made assumptions regarding the successful negotiation of definitive agreements regarding the Proposed Transaction; the closing of the Proposed Transaction, the timing thereof and the ability of the parties to satisfy all conditions related thereto; and the expectation that the liquidity issues of Tidewater Renewables will be addressed by the Proposed Transaction.

The completion of the Proposed Transaction and related transactions is subject to attaining the necessary special committee, board and TSX approvals and the completion of all required documentation, financing and regulatory approvals. In addition, the Corporation is subject to a number of risks and uncertainties, many of which are beyond the Corporation's control. Such risks and uncertainties include the factors discussed under "Risk Factors" in the Corporation's annual information form for the year ended December 31, 2023 and the most recent management's discussion and analysis.

All the forward-looking statements in this press release are qualified by the cautionary statements herein. Further information about factors affecting forward-looking statements and management's assumptions and analysis thereof is available in filings made by the Corporation with Canadian securities commissions available on SEDAR+ at www.sedarplus.ca. 

SOURCE Tidewater Renewables Ltd.

For further information: Jeremy Baines, Chief Executive Officer, Tidewater Renewables Ltd., Email: [email protected]; Ian Quartly, Chief Financial Officer, Tidewater Renewables Ltd., Email: [email protected]