Mr. Yingchuan Wu reports
VITAL ENERGY INC. ANNOUNCES NEW $10 MILLION CREDIT FACILITY
Vital Energy Inc. has entered into a loan agreement, effective Dec. 4, 2023, with a company controlled by Hai Zhou, a director and control person of the corporation, for a $10-million credit facility. The credit facility matures on Dec. 4, 2024, and funds advanced bear interest at a rate of 12 per cent per annum, payable on the maturity date.
Vital has determined that exemptions from the various requirements of the TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 are available in connection with the credit facility (Formal Valuation -- Issuer Not Listed on Specified Markets; Minority Approval -- Loan to Issuer, No Equity or Voting Component).
Vital Energy is a publicly traded junior oil and gas company whose primary focus is light and medium crude oil production in Western Canada.
We seek Safe Harbor.
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