Pieridae Announces Sale of Goldboro, Equity Financing, Full Repayment of Bridge Loan & Production Shut-In

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CALGARY, Alberta, July 25, 2024 (GLOBE NEWSWIRE) -- Pieridae Energy Limited (“Pieridae” or the “Company”) (TSX: PEA) is pleased to announce it has completed the sale of its Goldboro assets (the “Goldboro Sale”) and has issued notice to repay in full the Company’s subordinated secured bridge loan (the “Bridge Loan”). The balance of the Bridge Loan repayment in excess of the Goldboro Sale proceeds will be funded by the Company’s existing liquidity. Pieridae is also pleased to announce it has agreed to a private placement of common shares with Alberta Investment Management Corporation (“AIMCo”), an existing Pieridae shareholder (the “Private Placement”), the proceeds of which will be used to repay a portion of the Company’s existing credit facilities. Also, in response to sustained low natural gas prices, Pieridae is shutting-in approximately 6,250 boe/d of production that flows to a third-party owned and operated facility in the Company’s Central Alberta core area.

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