Vital Energy Inc. Update on Filing of 2019 Year-End Results and Q1 Financials and Loan Agreement
CALGARY, Alberta, May 26, 2020 (GLOBE NEWSWIRE) -- Vital Energy Inc. (“Vital” or the “Corporation”) (TSX-V: VUX) announces that, further to its
April 27, 2020 news release in relation to the timing of the filing of its year-end financial statements and reserves data, the Corporation still expects to file such documents on or prior to June
15, 2020.
The Corporation also announces that due to the continuing logistics and delays caused by the COVID-19 virus, it will also rely on the exemption provided in Alberta Instrument 51-517 - Temporary Exemption from Certain Corporate Finance Requirements (the “Alberta Instrument”) of the Alberta Securities Commission, to postpone the filing of the following continuous disclosure documents (collectively, the “Interim Documents”):
- the Corporation’s unaudited financial statements for the interim period ended March 31, 2020, as required by section 4.4 of National Instrument 51-102 - Continuous Disclosure Obligations (“NI 51-102”); and
- the Corporation’s Management’s discussion and analysis for the interim period ended March 31, 2020, as required by section 5.1(2) of NI 51-102.
The Corporation expects to file the Interim Documents no later than July 14, 2020.
Until the Corporation has filed the required Interim Documents, members of the Corporation’s management and other insiders are subject to an insider trading black-out period reflecting the principles contained in section 9 of National Policy 11-207 – Failure to File Cease Trade Orders and Revocations in Multiple Jurisdictions.
Vital confirms that there have been no material business developments since the issuance, on April 27, 2020, of the Corporation’s news release regarding the postponement of the filing of its year end results except for the loan agreement described in the following paragraph.
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The Corporation also announces that it has entered into a loan agreement with Mr. Hai Zhou, a director and control person of the Corporation, for a $4,000,000 credit facility (the “Credit Facility”) that is unsecured and matures on May 22, 2022. Funds advanced under the Credit Facility bear interest at a rate of 12% per annum, payable annually. 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 loan from Mr. Zhou (Formal Valuation - Issuer Not Listed on Specified Markets; Minority Approval - Loan to Issuer, No Equity or Voting Component).