Trident Exploration Corp. Announces New Credit Facilities

CALGARY, Aug. 2, 2017 /CNW/ - Trident Exploration Corp. ("Trident" or the "Company") announces that through negotiations with two financial institutions, it has entered into an extendible revolving credit facility ("Revolving Credit Facility") with a capacity of $20 million and a senior secured second lien term loan facility ("Term Loan") for proceeds of $60 million.

The Revolving Credit Facility carries a variable rate on borrowings that approximates 4.75% per annum and matures on May 31, 2019, with the capacity to annually extend each May commencing May 2018.  The Term Loan carries a fixed rate of 7.15% per annum and matures on July 31, 2021.

In conjunction with the financing, the Company issued 5.1 million common share purchase warrants, each exercisable into a Trident common share on a one-for-one basis at the holder's option plus $0.87 per warrant, subject to customary adjustments in accordance with the terms thereof.  The warrant issue represents 2.4% of the 208.7 million Trident common shares outstanding.  Cash costs attributed to the closing amounted to $75,000 plus legal costs incurred.

The use of proceeds from the Term Loan repaid the Company's existing debt of $56 million under its maturing facility plus added $4 million of working capital.  The Revolving Credit Facility is undrawn and fully available.

SOURCE Trident Exploration Corp.

For further information: Trident Exploration Corp.: Alan Withey, President & CEO, 403-770-0333; Trident Exploration Corp.: J.P. Buyze, Chief Financial Officer, 403-770-0333

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Trident Exploration Corp.

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