3MV Energy Corp.
TSX VENTURE : TMV

3MV Energy Corp.

April 05, 2016 12:02 ET

3MV Energy Update-Secured Lender Realizes on Security

CALGARY, ALBERTA--(Marketwired - April 5, 2016) -

THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO ANY UNITED STATES NEWS SERVICES.

3MV Energy Corp. ("3MV" or the "Company") (TSX VENTURE:TMV) updates previously disclosed receipt of notice from Invico Diversified Income Limited Partnership ("Invico") of default by 3MV under terms of a loan agreement dated October 31, 2014, demanding repayment of $6,000,000 principal outstanding together with accrued unpaid interest and notice of Invico's intention to enforce security.

Invico has realized on its security over all of 3MV's property and assets, in particular a share pledge of 100% of 3MV Operations which held substantially all of 3MV's petroleum assets, including its Fiske area leases in S.W. Saskatchewan.

3MV's board of directors remains in place, intends to seek stabilizing financial support, complete 3MV's December 31, 2015 audit and otherwise meet continuous disclosure obligations and seek a suitable acquisition.

TSX Venture Exchange has advised the Company will be transferred to NEX and will remain halted at this time. The Company is working with the Exchange towards getting the shares of the Company back to trading.

Forward-Looking Statements

Certain statements in this news release constitute forward-looking statements. The forward-looking statements contained in this document are based on certain key expectations and assumptions made by 3MV. Although 3MV believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because 3MV can give no assurance that they will prove to be correct.

Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the failure to obtain necessary regulatory approvals, failure to obtaining financing or inadequate levels of financing, credit risk, including failure to address trade creditors, secured lenders and other creditors, risks associated with the oil and gas industry in general and uncertainties resulting from potential delays or changes in plans with respect to financing, acquisitions, exploration or development projects or capital expenditures. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect 3MV's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com).

The forward-looking statements contained in this document are made as of the date hereof and 3MV undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Neither 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 accuracy of this release.

Contact Information

  • Dallas Duce
    Interim CEO
    (306) 637-4422

    Jim Boyle
    Chairman
    (416) 867-8800 x1