CALGARY, March 14, 2019 /CNW/ - Crown Capital Partners Inc. ("Crown") (TSX: CRWN), a capital partner to entrepreneurs and growth businesses, today announced that Crown Capital Partner Funding, LP ("Crown Partners Fund") has advanced an additional $5 million to Triple Five Intercontinental Group Ltd. ("Triple Five"), a privately held, Calgary-based company engaged in the exploration, development and production of petroleum and natural gas.
Founded in 2014, Triple Five's assets are located in west central Alberta, where the company has a 100% working interest in 20 contiguous sections of land (approximately 12,800 net acres) in the Spirit River zone. Triple Five is currently producing approximately 5,100 barrels of oil equivalent production per day from eight producing wells, of which approximately 81% is natural gas and 19% is natural gas liquids. The drilling results from the two most recent wells have outperformed expectations, more than doubling the company's natural gas liquids production. The additional funding from Crown Partners Fund will be used for capital expenditures to support growth initiatives.
Crown Partners Fund provided Triple Five with a $15 million, three-year term loan on September 4, 2018. The term loan bears a fixed interest rate of 10.5% per annum and includes a royalty to Crown Partners Fund based on Triple Five's gross sales. Concurrent with this $5 million investment, the term of the original agreement was extended by six months.
About Crown Capital Partners (TSX:CRWN)
Founded in 2000, Crown is a leading specialty finance company that provides growth capital to a diversified group of successful mid-market companies that are seeking alternatives to banks and private equity funds. Crown provides customized solutions in the form of loans, royalties, and other structures with minimal or no ownership dilution. In addition to deploying capital as a principal investor, Crown develops, manages and co-invests in alternative investment funds, including Crown Partners Fund and Crown Capital Power Fund.
This news release contains certain "forward looking statements" and certain "forward looking information" as defined under applicable Canadian and U.S. securities laws. Forward-looking statements can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in the Crown's periodic filings with Canadian securities regulators. See Crown's most recent annual information form for a detailed discussion of the risk factors affecting Crown. In addition, Crown's dividend policy will be reviewed from time to time in the context of the Corporation's earnings, financial requirements for its operations, and other relevant factors and the declaration of a dividend will always be at the discretion of the board of directors of the Corporation. Crown undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
SOURCE Crown Capital Partners Inc.
For further information: Craig Armitage, Investor Relations, [email protected], (416) 347-8954