VANCOUVER, Oct. 14, 2014 /CNW/ - Terrace Energy
Corp. (the "Company" or "Terrace") (TSXV: TZR, OTCQX:
TCRRF; Germany: 2TR) is pleased to announce that the Supreme
Court of British Columbia has
granted a final order approving the Company's previously announced
arrangement under which the holders of the Company's outstanding 8%
convertible unsecured notes due April 2,
2018 are to be exchanged for new notes that are expected to
be listed for trading on the TSX Venture Exchange.
The court approval was conditioned on the approval of the
current noteholders. At a meeting held on October 8:
- 95.45% in number of noteholders voted at the Meeting voted in
favour of the arrangement; and
- noteholders representing 90.15% of the aggregate principal
amount of the notes that were voted at the meeting voted in favour
of the arrangement.
The arrangement remains subject to customary closing conditions,
including, among others, the receipt of applicable regulatory
approvals. The Company anticipates that the arrangement will be
completed on or about October 15,
2014, and that the new notes will be listed for trading on
the TSX Venture Exchange on or about October
20, 2014 under the ticker symbol "TZR.DB".
Full particulars regarding the terms of the arrangement are set
out in the plan of arrangement and management information circular,
which are available under the Company's profile on SEDAR at
www.sedar.com.
About Terrace Energy
Terrace Energy is an oil & gas development stage company
that is focused on unconventional oil extraction in onshore areas
of the United States with a
particular focus on South
Texas.
ON BEHALF OF THE BOARD OF DIRECTORS
"Dave Gibbs"
Dave Gibbs, President and Chief
Executive Officer
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
Cautionary Statement and Forward-Looking
Information
This press release includes forward-looking information and
forward-looking statements (together, "forward-looking
information") within the meaning of applicable Canadian and
United States securities laws.
Forward-looking information includes statements: regarding the
Company's beliefs and expectations regarding the completion and/or
timing of the transactions contemplated under the Arrangement; and
the listing of the New Notes on the TSX-V. Users of forward-looking
information are cautioned that actual results may vary from the
forward-looking information disclosed in this press release. The
material risk factors that could cause actual results to differ
materially from the forward-looking information contained in this
press release include: the risk that the Company will be unable to
obtain all necessary regulatory or other approvals for the
Arrangement; no market may develop for trading the Notes or such
market may lack liquidity; the trustee under the indenture to
govern the Notes may fail to efficiently administer the Notes or
effectively act on behalf of the holders thereof; and other risks
and uncertainties described under the heading "Risk Factors" and
elsewhere in the Company's most recent Annual Information Form and
other documents filed with Canadian securities regulators at
www.sedar.com.
Readers are cautioned that the assumptions used in the
preparation of forward-looking information, although considered
reasonable at the time of preparation, may prove to be imprecise
and, as such, undue reliance should not be placed on
forward-looking information. The material assumptions used to
develop the forward-looking information include: that the Company
will obtain all necessary consents and approvals, including any
necessary court, Noteholder and/or regulatory approval, including
the TSX-V for the Arrangement; the trustee under the indenture to
govern the New Notes will fulfill its duties and responsibilities
thereunder; that the Company will obtain TSX-V approval for the
listing of the New Notes; and that other conditions under the plan
of arrangement will be fulfilled or waived.
The Company does not assume the obligation to update any
forward-looking information, except as required by applicable
law.
For further information please contact:
terrace@terraceenergy.net
www.terraceenergy.net
SOURCE Terrace Energy Corp.