i3 Energy announces its final results for the year ended 31 December 2020
01 Jun 2021
i3 Energy, an independent oil and gas company with assets and operations in the UK and Canada, has announced its audited results for the year ended 31 December 2020.
Highlights and Outlook
Obtained a corporate foothold in Western Canadian Sedimentary Basin ( WCSB ) production assets and management team through a debt acquisition of Toscana Energy Income Corporation ( Toscana or TEIC ) and entry into an Option agreement to acquire all issued and outstanding shares of TEIC
i3 Energy paid CAD3.4 million (c.USD2.5 million), half in March 2020 and half at end-December, to acquire all of TEIC s outstanding debt and to assume the role of senior-secured lender to Toscana, which was in default under its CAD28 million (c.USD21 million) senior and subordinated credit facilities and was conducting a competitive strategic review process; i3 additionally issued 4,399,224 ordinary shares to TEIC shareholder