Mr. Dallas Duce reports
3MV ENERGY UPDATE-SECURED LENDER REALIZES ON SECURITY
3MV Energy Corp. has provided an update on previously disclosed receipt of notice from Invico Diversified Income LP of default by 3MV under terms of a loan agreement dated Oct. 31, 2014, demanding repayment of $6-million principal outstanding together with accrued unpaid interest and notice of Invico's intention to enforce security.
Invico has realized on its security over all of 3MV's property and assets, in particular, a share pledge of 100 per cent of 3MV Operations, which held substantially all of 3MV's petroleum assets, including its Fiske area leases in southwestern Saskatchewan.
3MV's board of directors remains in place, and it intends to seek stabilizing financial support; to complete 3MV's Dec. 31, 2015, audit and otherwise meet continuous disclosure obligations; and to seek a suitable acquisition.
The TSX Venture Exchange has advised the company will be transferred to NEX and will remain halted at this time. The company is working with the exchange toward getting the shares of the company back to trading.
We seek Safe Harbor.
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