GREY:WFREF - Post by User
Post by
BlueCollar51on Dec 18, 2015 9:14am
207 Views
Post# 24394609
The Clock Is Ticking
The Clock Is Ticking
“Pursuant to the Amended Investment Agreement, an information circular is required to be mailed to the holders of Long Run common shares prior to December 21, 2015 for the Long Run special meeting required to be held no later than January 22, 2016 where disinterested Long Run shareholders will vote on the Private Placement. Completion of the Private Placement is expected to occur following the receipt of regulatory and shareholder approvals and is currently expected to occur in late January 2016.”
http://web.tmxmoney.com/article.php?newsid=80477588&qm_symbol=LRE
“The revolving syndicated facility and the operating facility, which comprise the Company's borrowing base facilities, are reviewed semi-annually and terminate on May 31, 2017. The maturity dates of our $350 million non-revolving syndicated facility have been staggered to align with the Company's proposed private placement with Maple Marathon Investments Limited ("Maple Marathon") and the strategic asset rationalization process. The proceeds from the proposed private placement will be used to repay the $100 million due January 31, 2016. Long Run expects to use the proceeds from the strategic asset rationalization process to repay the $125 million due May 29, 2016. The remaining $125 million is due November 30, 2016 with the method of repayment to be determined based on 2016 market conditions. Methods could include proceeds from the exercise of warrants issued to Maple Marathon, asset dispositions and debt restructuring.”
https://web.tmxmoney.com/article.php?newsid=80937506&qm_symbol=LRE
Due to the lack of news it is beginning to look like the deal with Maple Marathon is in trouble again..
Without the $100m from the deal Long Run will not be able to meet the new Credit Facility Terms.
My SMALL position in LRE.DB is not looking good!
As Always; Do Your Own Due Diligence; It’s Your Money !!