16:35:48 EST Tue 07 Dec 2021
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Primeline receives notice of default for loan

2021-08-11 14:49 ET - News Release

Mr. Andrew Biggs reports

PRIMELINE RECEIVES NOTICE OF DEFAULT AND ACCELERATION

Primeline Energy Holdings Inc. has received notice of the occurrence of an event of default under the loan facility from the syndicate of banks which provided finance for Primeline's share of the development cost of the LS 36-1 gas field and of acceleration and demand for repayment of the principal amount of the loan of $152,761,912.70 (U.S.), together with interest and penalties. As previously disclosed, production at LS 36-1 has been shut down and Primeline has no source of revenue with which to repay the loan. The syndicate has yet to provide notification to Primeline with regard to enforcement of security for the loan.

Primeline confirms that, other than as disclosed in prior press releases, there have been no material business developments since its press release of Aug. 21, 2020, and the filing on Feb. 13, 2020, of the company's latest interim financial report for the period ended Dec. 31, 2019.

We seek Safe Harbor.

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