BRIEF-Pine Cliff announces issuance of insider subordinated debt

Tue Aug 2, 2016 9:45am EDT
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Aug 2 (Reuters) - Pine Cliff Energy Ltd.

* Announces issuance Of insider subordinated debt, sale of non core assets and extension of borrowing base redetermination

* Issued subordinated floating charge debentures to insiders of company for a total of $11 million

* Extended semi-annual borrowing base redetermination with banking syndicate of canadian financial institutions until August 10, 2016

* Entered into a purchase and sale agreement to sell a non-core oil asset for $5.5 million

* Debentures mature on July 29, 2018, can be repaid at any time without penalty Source text for Eikon: Further company coverage: