Pieridae Obtains Shareholder Approval for Bridge Loan Conversion

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Last update: Dec 8, 2023

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CALGARY, Alberta, Dec. 08, 2023 (GLOBE NEWSWIRE) -- Pieridae Energy Limited (“Pieridae” or the “Company”) (TSX: PEA) announces that it has obtained the requisite shareholder approval to (i) issue the common shares issuable to its lender, Prudential, pursuant to the share purchase warrants granted to Prudential in June 2023 and (ii) repay in full the remaining principal amount, accrued interest and conversion fee owing to Erikson National Energy Inc. under the CAD$20 million bridge loan provided by Erikson on June 13, 2023, via the issuance of common shares of the Corporation, at any point prior to maturity of the Bridge Loan on December 13, 2024. Pieridae intends to repay a portion, or all, of the amounts drawn under the Bridge Term Loan with cash proceeds arising from potential non-core divestitures. Following the conclusion of any such divestitures, the Company plans to repay the remaining residual principal amount, if any, via the conversion of such amount into common shares, such conversion to occur at some point prior to maturity in December 2024.