Noralta Lodge Ltd.

Noralta Lodge Ltd.

October 27, 2016 18:14 ET

Noralta Lodge Reports Results of its Cash Tender Offer for a Portion of its Senior Secured Second Lien Notes Due 2019

EDMONTON, ALBERTA--(Marketwired - Oct. 27, 2016) - Noralta Lodge Ltd. (the "Company") today announced the results of its previously announced tender offer (the "Offer") to purchase for cash up to $56,500,000 aggregate principal amount (the "Maximum Tender Amount") of its outstanding 7.50% Senior Secured Second Lien Notes due 2019 (the "Notes") from the holders thereof (the "Holders") pursuant to the Offer to Purchase dated October 14, 2016 (the "Offer to Purchase") and the related letter of transmittal (together with the Offer to Purchase, the "Offer Documents"). The Offer expired at 5:00 P.M., Toronto time, on October 27, 2016 (the "Expiration Time").

As of the Expiration Time, the aggregate principal amount of Notes validly tendered (and not withdrawn) under the Offer was $121,675,000, which exceeds the Maximum Tender Amount. The Company has decided not to increase the Maximum Tender Amount and accordingly, assuming all the conditions to the Offer are met as anticipated, Notes tendered pursuant to the Offer will be accepted for purchase in accordance with the proration procedures for the Offer set out in the Offer Documents.

Payment for the Notes, if any, purchased under the Offer will be made on November 1, 2016 (the "Settlement Date"), and any Notes purchased will be cancelled. Notes tendered but not purchased pursuant to the Offer will be returned to the tendering Holders at the expense of the Company in accordance with the procedures of CDS Clearing and Depository Services Inc. ("CDS") and the applicable CDS participants.

Completion of the Offer remains subject to the satisfaction or waiver of a number of conditions set forth in the Offer to Purchase. Copies of the Offer Documents may be obtained from the Depositary (800-387-0825 or inquiries@canstockta.com) and are also available on the Company's secure investor data site at https://gctinvestorreporting.bnymellon.com.

National Bank Financial Inc. acted as sole lead dealer manager in connection with the Offer, along with HSBC Securities (Canada) Inc.

About Noralta Lodge

Noralta Lodge is shifting the focus of the lodging industry towards wellness by demonstrating the importance of quality accommodations on the productivity, safety, retention, and attraction of employees. Through its full service open lodge accommodations, facilities management services, and turnkey solutions, Noralta Lodge is offering unmatched hospitality wherever you work. For more information, please visit Noralta Lodge's website at www.noraltalodge.com.

Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking statements. These forward-looking statements are often identified by the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions intended to identify forward-looking statements, and include statements regarding (i) the Company's ability to satisfy the conditions to the Offer and (ii) timing for completion of the Offer. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements.

The Company believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Readers are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by applicable law.

Investor Data Site

Holders and beneficial owners of Notes were previously provided with information on how to access the "Noralta Website", on which our financial reports and the Offer Documents are posted. If you have encountered any technical difficulties, please contact either of the "Noralta Website" administrators listed below:

Denice Elleston, Client Service Manager, Corporate Trust Services - BNY Mellon

denice.elleston@bnymellon.com / 416-933-8531

Contact Information