|looks like assets up for sale.|
|Edge has been admitted to the NEX, same as Aroway Energy.
Sort of God's waiting room, some companies are relisted from this position, effectively this is a graveyard where the shells may be purchased.|
I was lucky, i got out at 12p.
Interesting timing re that foreclosing by the lender.
I wonder who is going to pick up the assets from the bank?|
|anyone heard anything from Brad, bit of a shame with oil prices rising again.|
|Maybe Brad, he always said he was well positioned in this tough market make aquisition taking advantage of the slump....|
|I wonder who is going to pick this asset up on the cheap?|
|Well I will take a few lessons from this one. The window for closing these aquisitions through liquidation is closing with oil strengthening. Had we survived with prudent managment we were led to believe were in play there was undoubtedly money to be made here in the coming years.|
Yes a sad day indeed, another one bites the dust, the low oil price claims another victim.
Commiserations to all holders.|
|Many thanks for posting Carpadium, thats the early retirement gone. However I'm still working, healthy and debt free.
Can I thank the all the posters here for all their contributions over the last couple of years.
At least I dont have to pay to deal on the TSX now.????|
|FOR IMMEDIATE RELEASE
TSX Venture Exchange Symbol: EDE
AIM Exchange Symbol: EDG April 26, 2016
Edge Resources Announces Shut-in of Production, Cessation of Operations, Termination of Officers and Resignation of Directors
Edge Resources Inc. (“Edge” or the “Company”;) reports in furtherance of its announcement of April 4, 2016, that its lender, Alberta Treasury Branches (“ATB”), has made a demand on Edge, as debtor, for payment in full of Edge’s outstanding indebtedness plus accrued interest, costs and fees. In addition, ATB provided Edge with a Notice of Intention to Enforce Security under section 244 of the Bankruptcy and Insolvency Act (Canada). Despite attempts by the Company to present alternatives that it feels would better serve all stakeholders, including ATB, Alberta’s taxpaying citizens and Edge’s shareholders, these proposals have not been accepted by ATB. ATB seeks the appointment of Grant Thornton LLP as Receiver over only the Saskatchewan-based assets. In recognition of these circumstances, Edge has consented to the Receivership and has shut-in all of its operated/licensed wells and facilities in Alberta in order to secure and enhance the safety of its operations. Edge has notified ATB and the Alberta Energy Regulator that the shutting-in by Edge of its operated/licensed wells and facilities in Alberta is complete. As without ATB’s support, Edge no longer has the financial capability to carry on its operations, Edge has now terminated the remaining officers, employees and consultants of the Company, and the directors of the company have resigned.
The Company has an LMR rating in Alberta of 1.29 which, with low-decline assets, is projected to remain greater than 1.0 for the foreseeable future. The rating in Saskatchewan is currently 3.8. The Company has been actively engaged in attempts to secure financing, asset sales and restructuring processes since May of 2015 and despite pending extant offers for all and/or some of the assets of Edge, the proceeds would be insufficient to satisfy all liabilities of the Company.
The cost of operations, including processing and transportation of commodities, field labour and production costs, royalties, and administrative expenses, exceeds gross revenues at recent commodity pricing levels. The Company’s lender has declined to provide further financial support to Edge and, despite Edge’s exhaustive efforts to work with ATB on several bona fide options, there is no other means of financing available to the Company at this time.
The directors have determined that Edge’s business is no longer viable, that Edge’s realizable asset value is less than its current debt, that in the present economic environment and in Edge’s present circumstances with its current asset base, Edge cannot refinance or recapitalize its operations and that the Company, therefore, no longer has the financial capability to carry on its operations. As a result, Edge announces that it has now consented to ATB’s appointment of a Receiver over the Saskatchewan-based assets, shut-in its Alberta operations, terminated certain officers of the Company, and that all remaining employees and consultants have been terminated and directors have resigned, effective immediately.
As a result of the foregoing, trading of the Company’s common shares on the TSX Venture Exchange will be suspended and the listing will be moved to the NEX Exchange.
Separate Note: NEX is a separate board of TSX Venture Exchange. It provides a trading forum for listed companies that have fallen below TSX Venture's ongoing listing standards.
Going forward, companies that have low levels of business activity or have ceased to carry on active business will trade on the NEX board, while companies that are actively carrying on business and pursuing growth and shareholder value will remain with the main stock list of TSX Venture Exchange.|
|Why doesn't someone ring him?
+1 403 767 9905|
|Hi Belgrano2 do you think this is it then? Seems very odd there has been no formal comunication on where things are. At least oil is playing ball and perhaps helping any on going negotiations.
Hope the rest of your portfolio is going better.|
|No I havn't last thing I heard no one had received anything. Shame I don't like loosing well over 100K.|
|Has anyone tried contacting Brad recently?|
|still no news, either good or bad. sods law that oil price is creeping north again. might just be too little too late.|
|Looks like the fight is still on, not holding out too much hope. A bit ironic that the only feedback I have had from Brad since buying in 2014 was how tight his I financial controls were.|
|IIROC Trading Halt - EDE
VANCOUVER, April 18, 2016
VANCOUVER, April 18, 2016 /CNW/ - The following issues have been halted by IIROC:
Company: EDGE RESOURCES INC
TSX-Venture Symbol: EDE
Reason: At the Request of the Company Pending News
Halt Time (ET): 9:08 AM
IIROC can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.|
|Anyone tried contacting Brad, I seemed we continue to be trading on TSX so a good sign that we were not suspended but where is the news?|
|Well that did not happen, thought it was normal to make announcement that we have officially delisted from AIM.|
|Probably saving money and going to announce game over and delisting from AIM at 8am today.|
|Depends, the only other oiler I have not is on its 26th debt extension. If oil recovers much more they make it through without having to sell assets or dilute shares. Not looking that rosy here, even if we get debt sorted it is at such low levels original holders have little left.|
|More likely BN too choked to make the announcement.|