Pieridae Energy Limited: Strategic Review Process Concludes
CALGARY, ALBERTA – January 24, 2022 – Pieridae Energy Limited (“Pieridae” or the “Company”) (PEA.TO) today announced it has concluded the strategic review process announced in July 2021. The goal of the process was to identify, examine and consider a range of strategic alternatives with a view to enhancing shareholder value. Those strategic alternatives could have included a corporate sale, merger, a sale of a material portion of Pieridae’s assets or other transactions.
At that time, Pieridae’s Board of Directors authorized the creation of a special committee to review and evaluate potential strategic alternatives and transactions. As well, Pieridae hired Peters & Co. Limited (“Peters & Co.”) to advise the Company during the strategic review process.
The strategic review is now complete, the special committee has been dissolved and the mandate of Peters & Co. has ended. Ultimately, the special committee concluded that the various alternatives presented were not compelling relative to the Company’s stand-alone prospects. The restructuring of Pieridae’s credit agreement announced January 4, 2022 played a role in the special committee’s conclusion. The full Pieridae Board supported and approved the conclusion of the special committee.
“I want to thank the Board’s special committee and Peters & Co. for their diligence, professionalism and thoroughness working through the strategic review process over the last number of months,” said Pieridae CEO Alfred Sorensen. “We are now in a position to proactively move the Company forward and will work to enhance shareholder value, having reached an agreement with our senior secured lender to both consolidate our debt and amend certain terms and covenants of our credit agreement.”
Pieridae is a majority Canadian-owned corporation based in Calgary that was founded in 2011. The Company is focused on the exploration, extraction and processing of natural gas as well as analyzing options for a reconfigured LNG Project that fits with the current environment and would supply Europe and other markets. Pieridae provides the energy to fuel people’s daily lives while supporting the environment and the transition to a lower-carbon economy. After completion of all the transactions disclosed in this news release, Pieridae has 157,641,871 common shares issued and outstanding which trade on the TSX (PEA.TO).
For further information please contact:
Alfred Sorensen, Chief Executive Officer
Telephone: (403) 261-5900
James Millar, Director, External Relations
Telephone: (403) 261-5900