RE:RE:RE:RE:RE:RE:dramatic debt reduction continues This section is from the amended bank debt section of the annual report at December 31…
Under the ARCA, the Company is restricted from making any payment of dividend distributions. In addition, the Company is also limited to expenditures on an annual basis which cannot:
exceed 110 percent or be less than 90 percent of the forecasted decommissioning expenditures settled; and
exceed 110 percent of the forecasted capital expenses.
As at December 31, 2021, Bonterra classified its bank debt as a current liability and had a working capital deficiency. The Company was
in compliance with all financial covenants on its total bank facility as at December 31, 2021.