/NOT FOR DISTRIBUTION TO
The Convertible Debenture has a five (5) year term (the "Term") and will mature on
The Convertible Debenture and any Common Shares issuable upon conversion thereof will be subject to a statutory hold period lasting four months and one day following the closing date of the Private Placement.
The proceeds of the Private Placement will used to satisfy ongoing obligations post-Amalgamation (assuming the Amalgamation is completed), future acquisitions and working capital. The Convertible Debentures are subordinate to Vertex's existing secured debt facilities.
EARLY WARNING REPORT REQUIREMENTS
Pursuant to the abovementioned Private Placement of Convertible Debentures by the Corporation, on
Prior to the transaction, neither party beneficially owned or controlled any securities of the Corporation. Upon completion of the transaction, they now beneficially own, in aggregate, Convertible Debentures in the aggregate Principal Amount of
The Convertible Debentures have been acquired and are being held for investment purposes. In the future,
ABOUT VERTEX
Headquartered in
READER ADVISORY
This news release contains forward-looking statements, within the meaning of applicable securities legislation, concerning the proposed Amalgamation, the business and affairs of Vertex and the Private Placement. In certain cases, forward-looking statements can be identified by the use of words such as ''plans'', ''expects'' or ''does not expect'', "intends" ''budget'', ''scheduled'', ''estimates'', "forecasts'', ''intends'', ''anticipates'' or variations of such words and phrases or state that certain actions, events or results ''may'', ''could'', ''would'', ''might'' or ''will be taken'', ''occur'' or ''be achieved''. Such forward-looking statements include those with respect to: (i) the completion of the Amalgamation; and (ii) the proposed use of the proceeds of the Private Placement. Forward-looking statements also include any other statements that do not refer to historical facts.
By their nature, forward-looking statements are based on assumptions and subject to inherent risks and uncertainties. There is a risk that the Amalgamation and the offering of the Convertible Debentures may be delayed, cancelled, suspended, or terminated. This could cause future results to differ materially from the forward-looking statements made in this news release.
Statements of past performance should not be construed as an indication of future performance. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors, including those discussed above, could cause actual results to differ materially from the results discussed in the forward-looking statements. All of the forward-looking statements made in this press release are qualified in their entirety by these cautionary statements.
Readers are cautioned not to place undue reliance on such forward-looking statements. Forward-looking information is provided as of the date of this press release and except as required by law, neither Vertex nor Cordy Oilfield undertakes no obligation to publicly update or revise any forward-looking statements. Forward-looking statements are provided herein for the purpose of giving information about the proposed issuance of Convertible Debentures and the use of proceeds. Readers are cautioned that such information may not be appropriate for other purposes.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
SOURCE
© Canada Newswire, source