(TheNewswire)
Calgary, Alberta - TheNewswire - November 27, 2020 - ( TSX:SHLE )
Source Energy Services Ltd. (together with itsaffiliates, " Source " or the " Company ")announced today that it has obtained a Final Order of the Court ofQueen's Bench of Alberta approving the Company's recapitalizationtransaction (the " Recapitalization Transaction ") pursuantto a plan of arrangement dated November 25, 2020 (the" Plan ofArrangement ") under the Canada Business Corporations Act (the " CBCA ") .
Subject to the satisfaction or waiver of the conditionsto the implementation of the Plan of Arrangement (including thefinalization and execution of definitive documentation relating to theNew Secured Notes, the Company's senior bank financing arrangements,and a revised intercreditor agreement), the Company expects tocomplete the Recapitalization Transaction in December 2020.
Source is a logistics company that focuses on thesupply and distribution of high quality Northern White frac sand.Source provides its customers with a full end-to-end solutionsupported by its Wisconsin mines and processing facilities, itsWestern Canadian terminal network and its "last mile"logistics capabilities. In addition to its industry leading frac sandtransload terminal network and in-basin frac sand storagecapabilities, Source also provides storage and logistics services forother bulk oil and gas well completion materials that are not producedby Source. Source has also developed Sahara, a proprietary wellsitemobile sand storage and handling system.
Source's full-service approach allows customers to relyon its logistics capabilities to increase reliability of supply and toensure the timely delivery of their requirements for frac sand andother bulk completion materials at the wellsite.
For further information, pleasecontact:
Media Inquiries:
Meghan Somers
Communications Advisor
(403) 262-1312 (ext. 295)
communications@sourceenergyservices.com
Investor Relations Inquiries:
Brad Thomson
Chief Executive Officer
(403) 262-1312 (ext. 225)
investorrelations @sourceenergyservices.com
FORWARD-LOOKING STATEMENTS
Certain statements contained in this press releaseconstitute forward-looking statements relating to, without limitation,expectations, intentions, plans and beliefs, including information asto the future events, the expected process for and timing ofimplementing the Recapitalization Transaction, the Plan of Arrangementand related financing arrangements, and the satisfaction or waiver ofthe conditions to the Plan of Arrangement. In certain cases andwithout limitation, forward-looking statements can be identified bythe use of words such as "seeks" or variations of such wordsand phrases, or state that certain actions, events or results"may" or "will" be taken, occur or be achieved.Such forward-looking statements reflect Source's beliefs, estimatesand opinions regarding the Recapitalization Transaction and relatedtransactions, the CBCA proceedings, Source's future growth, results ofoperations, future performance (both operational and financial), andbusiness prospects and opportunities at the time such statements aremade, and Source undertakes no obligation to update forward-lookingstatements if these beliefs, estimates and opinions or circumstancesshould change. Forward-looking statements are necessarily based upon anumber of estimates and assumptions made bySource that are inherently subject to significant business, economic,competitive, political and social uncertainties and contingencies.Forward-looking statements are not guarantees of future performance.In particular, this press release contains forward-looking statementspertaining, but not limited, to: expectations regarding theRecapitalization Transaction, the CBCA proceedings and the Plan ofArrangement.
By their nature, forward-looking statements involvenumerous current assumptions, known and unknown risks, uncertaintiesand other factors which may cause the actual results, performance orachievements of Source to differ materially from those anticipated bySource and described in the forward-looking statements.
With respect to the forward-looking statementscontained in this press release, assumptions have been made regarding,among other things: the Recapitalization Transaction, the CBCAproceedings and the Plan of Arrangement.
A number of factors, risks and uncertainties couldcause results to differ materially from those anticipated anddescribed herein including, among others: Source's ability to completethe Recapitalization Transaction and satisfy the conditions precedentto the completion of the Plan of Arrangement, and the final terms,timing and implementation of the Recapitalization Transaction andrelated transactions.
Although Source has attempted to identify importantfactors that could cause actual actions, events or results to differmaterially from those described in the forward-looking statements,there may be other factors that cause actions, events or results notto be as anticipated, estimated or intended. There can be no assurancethat forward-looking statements will materialize or prove to beaccurate, as actual results and future events could differ materiallyfrom those anticipated in such statements. The forward-lookingstatements contained in this press release are expressly qualified bythis cautionary statement. Readers should not place undue reliance onforward-looking statements. These statements speak only as of the dateof this press release. Except as may be required by law, Sourceexpressly disclaims any intention or obligation to revise or updateany forward-looking statements or information whether as a result ofnew information, future events or otherwise.
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