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Toscana Energy Income Corp
Symbol TEI
Shares Issued 7,043,207
Close 2018-12-14 C$ 0.105
Market Cap C$ 739,537
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Toscana debentureholders approve interest deferral

2018-12-14 17:08 ET - News Release

Mr. Joseph Durante reports

TOSCANA ENERGY REPORTS SUCCESSFUL VOTING RESULTS OF EXTRAORDINARY MEETING OF DEBENTUREHOLDERS

Toscana Energy Income Corp. held its extraordinary meeting of holders of 7.25 per cent convertible unsecured subordinated debentures of Toscana Energy due June 30, 2021, on Dec. 14, 2018, in Calgary, Alta. An aggregate of $7,836,000 principal amount of debentures, representing approximately 39.18 per cent of the issued and outstanding debentures, were represented in person or by proxy at the meeting.

Toscana is pleased to report that the special resolution to approve:

  • The deferral of the interest payment due and payable by Toscana Energy to debentureholders of record on Dec. 31, 2018, under the terms and conditions of the trust indenture between the company and Valiant Trust Company (which was acquired by Computershare Trust Company of Canada) dated as of June 11, 2013, and as amended as of April 23, 2018;
  • The aggregate payment in the amount of $825,000, such payment to be made in two equal payments by the company to the debenture trustee for the benefit of the debentureholders of record as of Sept. 30, 2019, and April 30, 2020, respectively, on and in accordance with the terms of the indenture, and such payment comprising:
    • $725,000 in complete satisfaction of the interest payment due to debentureholders of record on the applicable interest payment dates;
    • $100,000 as a lump sum fee in consideration for the deferral of the interest payment.

The resolution was approved as shown in the attached table.

      Votes for             Votes against   
Number    Percentage     Number    Percentage

7,469         95.32%        367         4.68% 

About Toscana Energy Income Corp.

Toscana Energy is a conventional oil and gas producer with the mandate to acquire high-quality, long-life oil and gas assets, including royalties, non-operated working interests and unitized production for yield and capital appreciation.

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