Delphi Energy Corp. Announces Close of $15 Million Note Financing

World News: . []

CALGARY, Alberta, Nov. 09, 2018 (GLOBE NEWSWIRE) -- or the is pleased to announce that it has closed its previously announced financing comprised of the sale of 15,000 senior secured notes (the “Notes”), each with a principal amount of $1,000 and a 10 percent coupon, for gross proceeds of approximately $15.0 million.

The Notes were sold, on a private placement basis, to Luminus Management, LLC (“Luminus”) and are subject to a statutory hold period of four months plus one day from the date of closing, in accordance with applicable securities legislation.  The Notes were issued as further notes to the previously existing $90 million aggregate principal amount of 10 percent senior secured notes due 2021 which are listed and trade on the TSX exchange.  The Notes are fungible with the previously existing notes for trading purposes.

Funds from the financing will initially be used to repay bank debt, leaving the Company with $55 million drawn on its $105 million senior credit facility.  The enhanced liquidity will support Delphi’s expanded 2018 capital program and shift to capital efficient, multi-well drilling development of its liquids-rich West Bigstone property.  Delphi is pleased to have the continued support of Luminus (which currently owns 21.2% of the Delphi common stock) to facilitate development of its Bigstone Montney assets.

This news release does not constitute an offer to sell or a solicitation of any offer to buy the securities in the United States. The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended and will not be offered or sold in the United States absent an exemption from the registration requirements thereof.

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Globe Newswire: 13:26 GMT Friday 9th November 2018

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