Pieridae Secures CAD$6 Million Account Security Guarantee Fa Pieridae Secures CAD$6 Million Account Security Guarantee Facility From Export Development Canada
CALGARY, Alberta, July 29, 2020 (GLOBE NEWSWIRE) -- Pieridae Energy Limited (Pieridae or the Company) (TSX: PEA.TO) is pleased to announce it has received approval from Export Development Canada (“EDC”) for a CAD$6 million guarantee facility as part of EDC’s Account Performance Security Guarantee (“APSG”) program. The program provides a 100% guarantee to the issuing bank of certain of the Company’s existing and future letters of credit (“LCs”). The APSG will allow Pieridae to release cash collateral requirements provided as security for certain existing and potential future LCs.
“We are very pleased to have this support from EDC, as this is a significant opportunity for Pieridae to free up cash collateral to redeploy to help continue to grow the Company,” said Pieridae Chief Financial Officer Rob Dargewitcz. “This facility from EDC sends a strong signal to the market that we continue to gain momentum and key support for the Company and its strategic direction.”
EDC is a financial Crown corporation with offices around the world. They are dedicated to helping Canadian companies succeed on the world stage while ensuring all projects and transactions they support are conducted in a manner that is financially, environmentally and socially responsible. This facility approval announced today establishes the start of what is hoped to be a strong and ongoing partnership with EDC.