CA - Alvopetro announces warrant exercise and debt repayment

• Alvopetro Energy ( OTCQX:ALVOF ) has announced the exercise of all outstanding warrants held by Cordiant Capital and that the Co. has repaid the remaining $2.5M outstanding on the credit facility.
• A total of ~2.69M warrants at a strike price of $1.80 were granted to Cordiant in connection with the 2019 $15M debt financing.
• Alvopetro agreed to amend the terms of the warrant certificates so that a total of ~1.34M of the warrants have been exercised by way of a cashless exercise with 0.74M common shares issued as a result of the cashless exercise.
• The remaining ~1.34M warrants have been exercised at the strike price of $1.80/share, for total cash proceeds to Alvopetro of $2.4M.

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