ENTREC Corporation to Redeem $3.5 Million of Its
Post# of 301275
ACHESON, Alberta, Oct. 11, 2017 (GLOBE NEWSWIRE) -- ENTREC Corporation (TSX: ENT ) (“ ENTREC ” or the “ Company ”), a heavy haul transportation and crane solutions provider, today gave notice that it will on November 15, 2017 redeem on a pro rata basis 13.833992% (being approximately $3,500,000) of the principal amount of the $25,300,000 of 8.50% Convertible Unsecured Subordinated Debentures due June 30, 2021 (the “ Debentures ”) outstanding as at the close of business on November 15, 2017 (the " Redemption Date "), upon payment of a redemption amount of $1,003.49 for each $1,000 principal amount of Debentures so redeemed, being the principal amount thereof plus accrued and unpaid interest to, but excluding the date of the redemption (collectively, the " Redemption Price "). This redemption is being completed pursuant to the commitment ENTREC made to its Debentureholders when they approved an extension of the maturity date of the Debentures to June 30, 2021.
The Redemption Price will be payable upon presentation and surrender of the Debentures called for redemption at the following corporate trust office: Computershare Trust Company of Canada, Suite 600, 530 8 Ave SW, Calgary, AB T2P 3S8 Attention: Manager, Corporate Trust.
The interest upon the principal amount of Debentures called for redemption will cease to be payable from and after the Redemption Date, unless payment of the Redemption Price is not made by ENTREC on the Redemption Date.
About ENTREC
ENTREC is a heavy haul transportation and crane solutions provider to the oil and natural gas, construction, petrochemical, mining and power generation industries. ENTREC is listed on the Toronto Stock Exchange under the symbol ENT .
For further information, please contact:
John M. Stevens - President & CEO Telephone: (780) 960-5625
Jason Vandenberg – CFO Telephone: (780) 960-5630
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