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Shoreline Energy Corp. Announces Acceleration of Its Credit Facility

April 22, 2014, 07:00 AM
Filed Under: Energy

Shoreline Energy Corp. ("Shoreline" or the "Corporation") announces that it has received notice of acceleration from its lender under its credit facility (the "Notice"). The Notice provides that the lender intends to accelerate the repayment of approximately $20.6 million outstanding under the facility. Shoreline and its financial advisor RBC Capital Markets, and its legal counsel, Stikeman Elliot are working with the lender to negotiate a mutually acceptable forbearance arrangement to allow Shoreline to complete its previously announced strategic alternatives process.

Shoreline is confident that given its asset valuation as disclosed in its year end financial statements, current strong commodity prices, and the positive responses to date on the strategic alternatives process will result in satisfactory results for all its stakeholders. Shoreline will provide an update in due course with respect to any material developments.

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