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Cuda Oil and Gas Inc. Announces Demand by Secured Lenders and Notice of Intention to Enforce Security
2021-11-05 08:31 ET - News Release
Calgary, Alberta--(Newsfile Corp. - November 5, 2021) - Cuda Oil and Gas Inc. (TSXV: CUDA) ("Cuda" or the "Company") announces that the Company's senior secured lender, Tallinn Capital Energy Limited Partnership, and its subordinate secured lender, being certain funds managed or co-managed by Bridging Finance Inc., have each made demand for payment in full of the Company's outstanding indebtedness and provided the Company with a Notice of Intention to Enforce Security pursuant to section 244 of the Bankruptcy and Insolvency Act (Canada). The Company's secured lenders have demanded payment of aggregate indebtedness in the amount of $70,251,757 plus interest and costs which continue to accrue. If the Company is unable to repay the indebtedness by November 15, 2021, the secured lenders will take steps to enforce their security.