Cordy Oilfield Services Inc.

Cordy Oilfield Services Inc.

November 26, 2013 12:49 ET

Cordy Announces Proposed Loan

CALGARY, ALBERTA--(Marketwired - Nov. 26, 2013) - Cordy Oilfield Services Inc. ("Cordy" or the "Corporation") (TSX VENTURE:CKK) announces that it anticipates obtaining a $6 million secured loan from an arm's length lender on or about November 27, 2013. The Loan will be due and payable on the six month anniversary of the closing date (the "Maturity Date") and will bear interest at the rate of 14% per annum, calculated daily. At Cordy's option the term of the Loan may be extended for an additional six months upon the payment of a renewal fee of $300,000.

Cordy will continue its efforts to obtain a senior credit facility with a chartered bank on such terms and in such amount to align with Cordy's long term requirements following the completion of this financing.

Cordy intends to use a portion of the proceeds of the Loan to repay all indebtedness owed to its former principal lender. The balance of the proceeds will be used to pay transaction expenses and for general working capital.

As partial consideration for the advance of the loan, the lender is to be issued a standby fee of 1,500,000 common shares of the Corporation (the "Standby Fee Shares") at a deemed price of $0.135 per share. The Standby Fee Shares will be subject to a statutory hold period of four months.

The completion of the Loan remains subject to the negotiation and execution of the loan and security documents and is subject to final acceptance by the TSX Venture Exchange.

Additional information on Cordy is available on our website or on SEDAR at

Forward Looking Statements

This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. All statements included herein, other than statements of historical fact, constitute forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of certain assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Corporation's disclosure documents on the SEDAR website at The Corporation does not undertake to update any forward-looking information except in accordance with applicable securities laws.

Completion of the Loan is subject to a number of conditions, including TSXV acceptance. The intended use of the proceeds of the Loan by Cordy might change if its board of directors determines that it would be in the best interests of Cordy to deploy the proceeds for some other purpose.

The TSXV has in no way passed upon the merits of the proposed Loan and has neither approved nor disapproved the contents of this press release.

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.

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