VANCOUVER, May 13, 2016 /CNW/ - Terrace Energy
Corp. (the "Company" or "Terrace") (TSXV: TZR, OTCQX:
TCRRF; Germany: 2TR) is pleased to announce that, further to
its press release dated May 11, 2016,
it has completed its previously announced plan of arrangement (the
"Arrangement"), pursuant to which all of the Company's outstanding
8% convertible unsecured notes due April 2,
2018 have been exchanged for new convertible secured notes
due April 2, 2021 (the "New
Notes").
The New Notes will be listed for trading on the TSX Venture
Exchange on May 17, 2016 under the
ticker symbol "TZR.DB".
For further information regarding the New Notes, please refer to
the Company's management information circular dated April 8, 2016, a copy of which is available under
the Company's profile on SEDAR at www.sedar.com and the terms of
the indenture underlying the New Notes.
About Terrace
Terrace 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.
SOURCE Terrace Energy Corp.