|By Marketwired .||
|August 5, 2014 06:39 PM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 08/05/14 -- Ceiba Energy Services Inc. ("Ceiba" or the "Company") (TSX VENTURE: CEB) is pleased to announce that the Company has repaid and cancelled all of its credit and loan facilities. As previously disclosed, the Company intended to use a portion of the $16.1 million private placement that closed on July 24, 2014 to reduce indebtedness. The Company has now fully repaid and cancelled its credit facility with ATB Financial which had approximately $1.4 million outstanding. The Company has also repaid the $5.1 million mezzanine loan with Quest Capital Management Corp., Earlston Investments Corp. and individual investors without paying any fee associated with the previously announced extension of the mezzanine loan.
Currently, Ceiba has no loans or credit facilities outstanding, other than the convertible debentures of Ceiba issued in several tranches from mid-2012 to early 2013 (collectively, the "Convertible Debentures"). There are $7,338,000 face value of 12% Convertible Debentures that are due July 31, 2016 and $1,493,000 face value of 10% Convertible Debentures that are due January 31, 2017. Holders of the Convertible Debentures may elect to convert the Convertible Debentures into common shares of the Company at any time at the conversion price of $1.00 and $0.70 per common share, respectively. The Company may redeem the Convertible Debentures after January 31, 2016 under certain conditions.
The Company is well capitalized after the repayment of its outstanding credit and loan facilities. With approximately $15 million of cash, the Company will move forward with its previously announced capital expansions and will work with potential lenders to develop traditional credit facilities. The Company will release its 2014 second quarter financial and operating results in late August and will provide a more detailed financial update at that time.
About Ceiba Energy Services Inc.
Ceiba provides specialized services to the energy sector, specifically to companies involved in the exploration, extraction and production of oil and natural gas in Western Canada. Ceiba develops and constructs facilities in proximity to its customers to provide treatment of crude oil emulsion, terminalling, storage and marketing of oil and disposal of production water.
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 the accuracy of this release.
Certain statements made herein may constitute forward-looking statements. These statements relate to future events or the future economic performance of Ceiba and carry known and unknown risks, uncertainties and other factors that may appreciably affect their results, economic performance or accomplishments when considered in light of the content or implications to statements made by Ceiba. Actual events or results could be significantly different. Accordingly, investors should not place undue reliance on forward-looking statements. Ceiba does not intend and undertakes no obligation to update these forward-looking statements, except as required under applicable securities laws.
Ceiba Energy Services Inc.
Ceiba Energy Services Inc.
CFO and Corporate Secretary
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