NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA
CALGARY, Alberta, Nov. 02, 2017 (GLOBE NEWSWIRE) -- DIVERGENT Energy Services Corp.
(“DIVERGENT” or the "Corporation") (TSXV:DVG) is pleased to announce that,
subject to the final approval of the TSX Venture Exchange (the "TSXV"), and pursuant to the terms of the debenture indenture (the
"Indenture"), as amended, it is amending the terms of its previously issued 10% secured debentures (the "Debentures") to extend the
maturity date of the Debentures from December 31, 2017 to December 31, 2021 (the "Amendment").
The Amendment has been approved by an extraordinary resolution of the holders of the Debentures (the
"Debentureholders") and Divergent will enter into a supplemental indenture with Computershare Trust Company of Canada, as Debenture
trustee, to reflect the Amendment.
In consideration for the Debentureholders approving the Amendments, the Corporation has agreed, subject to the
final approval of the TSXV, to issue on or before January 1, 2018 to each Debentureholder an additional 1,000 common share purchase
warrants for each $1,000 principal amount of Debentures held by such Debentureholder ("Additional Warrants"), for an aggregate of
5,750,000 Additional Warrants. Each Additional Warrant will entitle the holder thereof to purchase one common share in the capital
of the Corporation at an exercise price of $0.13 on or before December 31, 2021. Of the Additional Warrants being issued, 1,377,000
Additional Warrants will be issued to Directors and/or Officers of the Corporation.
ABOUT DIVERGENT ENERGY SERVICES CORP.
Headquartered in Calgary, Alberta, DIVERGENT Energy Services Corp. provides cost effective, innovative
technologies and solutions for submersible pumping to benefit our stakeholders. DIVERGENT is committed to increasing client’s
production while reducing operating costs and carbon footprint. Our Products include Electromagnetic Pumps, Electric
Submersible Pumps, and Electric Submersible Progressing Cavity Pumps.
For further information regarding this news release contact Ken Berg, President and Chief Executive Officer; or
Scott Hamilton, Chief Financial Officer.
DIVERGENT Energy Services Corp., 1500, 715 – 5th Ave SW,
Calgary, AB T2P 2X6, (403) 543-0060, (403) 543-0069 (fax), www.divergentenergyservices.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking statements, including, without limitation, statements pertaining
to the anticipated terms of the Amendments and the Additional Warrants and anticipated approval by the TSXV and the Debenture
trustee. All statements included herein, other than statements of historical fact, are forward-looking information and such
information involves various risks and uncertainties, including the risk that the definitive terms of the Amendments or the
Additional Warrants are different than anticipated or that TSXV final approval is not obtained .There can be no assurance that such
information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such
information. A description of assumptions used to develop such forward-looking information and a description of risk factors that
may cause actual results to differ materially from forward-looking information can be found in the Corporation's disclosure
documents on the SEDAR website at www.sedar.com. Forward-looking statements are based on estimates and opinions of management of
the Corporation at the time the information is presented. The Corporation may, as considered necessary in the circumstances, update
or revise such forward-looking statements, whether as a result of new information, future events or otherwise, but the Corporation
undertakes no obligation to update or revise any forward-looking statements, except as required by applicable securities
laws.
