Northern Frontier Corp.

Northern Frontier Corp.

May 14, 2015 16:30 ET

Northern Frontier Corp. Announces Amendments to its Credit Facilities and Sets its First Quarter 2015 Financial Results Release Date

CALGARY, ALBERTA--(Marketwired - May 14, 2015) - Northern Frontier Corp. (TSX VENTURE:FFF) ("Northern Frontier" or the "Corporation") is pleased to announce that it has successfully negotiated certain amendments to its senior credit facilities effective March 31, 2015. Furthermore, the Corporation intends to release its first quarter 2015 financial results on Wednesday, May 20, 2015, after the close of regular market trading.

Credit Facilities Amendments

On May 14, 2015, Northern Frontier closed an amending agreement to its senior credit facilities. "We are very pleased with the solution that our lending partners and ourselves were able to agree on. It clearly demonstrates that they continue to believe in our long-term strategy" commented Monty Balderston, Executive Vice President and CFO. Of significance, the following are amended terms under Northern Frontier's senior credit facilities:

  • Funded Debt to EBITDA ratio:
    1. 3.25:1 from March 31, 2015 to December 31, 2015;
    2. 2.75:1 from March 31, 2016 to September 30, 2016;
    3. 2.50:1 from December 31, 2016 to September 30, 2017; and
    4. 2.00:1 from December 31, 2017 until end of term.
  • Facility C is reduced to $10.0 million and the facility is not available unless Funded Debt to EBITDA is below 2.50:1.

Funded Debt and EBITDA are not recognized measures under IFRS. Refer to "Non-GAAP Measures". Furthermore the definition of these measures are in accordance with the lending agreement and are calculated based on the lenders' interpretations, which may not be equal to individual financial statement amounts.

Financial Results Release Date

The Corporation intends to release its first quarter 2015 financial results on Wednesday, May 20, 2015, after the close of regular market trading. Northern Frontier's unaudited condensed interim consolidated financial statements for the three months ended March 31, 2015 and 2014 and management's discussion and analysis ("MD&A") for the three months ended March 31, 2015 will been filed on SEDAR at once the first quarter 2015 financial results are released.

Conference Call

The Corporation will hold a conference call on Thursday, May 21, 2015, at 9:30 a.m. Calgary / 11:30 a.m. Toronto time. The call will feature remarks by Chris Yellowega, President and CEO and Monty Balderston, Executive Vice President and CFO regarding the financial results.

Conference dial-in instructions are as follows:

Toronto: 416.340.2216

North America: 1.866.225.2055

A replay of the call will be available 24 hours after the event until 11:59 p.m. EST on May 28, 2015. To access the archived conference call, please dial 905-694-9451 or 1-800-408-3053 and enter passcode 5964385.

About Northern Frontier Corp.

Northern Frontier's strategic objective is to create a large industrial and environmental services business through a buy and build growth strategy. Currently, the Corporation provides civil construction and excavation services to the industrial industry, primarily in the in situ Oilsands region south of Fort McMurray, Alberta and bulk water and fluids transfer logistic services in western Canada.

The Corporation's common shares and common share purchase warrants are listed on the TSX Venture Exchange under the trading symbol "FFF" and "FFF.WT.A", respectively.

Reader Advisory

Forward-Looking Statements

This news release includes certain statements that constitute forward-looking statements under applicable securities legislation. All statements other than statements of historical fact are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", or the negative of these terms or other comparable terminology. These forward-looking statements include, among other things, statements in respect of:

  • expectations of future financial performance of the Corporation; and
  • expectations of the Corporations financial results release date.

These statements are only predictions and are based upon current expectations, estimates, projections and assumptions, which the Corporation believes are reasonable but which may prove to be incorrect and therefore such forward-looking statements should not be unduly relied upon. In making such forward-looking statements, assumptions have been made regarding, among other things, industry activity, the state of financial markets, business conditions, continued availability of capital and financing, future oil and natural gas prices and the ability of the Corporation to obtain necessary regulatory approvals. Although the Corporation believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements.

By its nature, forward-looking information involves numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur. Investors are cautioned that forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. The Corporation has no obligation to update any forward-looking statements set out in this news release, except as required by applicable law.

Non-GAAP Measures

Selected financial information set out above and includes the following measures that are not recognized under International Financial Reporting Standards ("IFRS") and are non-generally accepted accounting principles ("non-GAAP") measures: EBITDA and Funded Debt. This information should be read in conjunction with the consolidated financial statements for the fiscal years ended December 31, 2014 and 2013 and the Corporation's MD&A for the year ended December 31, 2014 available under the Corporation's profile on SEDAR at Further information regarding these non-GAAP measures is contained in the Corporation's MD&A.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Northern Frontier Corp.
    Chris Yellowega
    President and Chief Executive Officer

    Northern Frontier Corp.
    Monty Balderston
    Executive Vice President and Chief Financial Officer

    Northern Frontier Corp.
    400, 435 - 4th Avenue SW
    Calgary, AB T2P 3A8