DXI Energy Inc. eliminated its longstanding bank debt and retired its credit facility with a Canadian chartered bank, returning all collateral and voiding contract requirements, the company said Jan. 25.
On Sept. 30, 2015, DXI’s balance was CA$902,000. In 2011, the CA$7 million credit facility was originated, and more restrictive amendments and associated renewals were added on Nov. 24, 2014, March 16, 2015, and July 6, 2015, respectively.
Robert Hodgkinson, CEO, said that the company is securing bolt-on producing assets to supplement ongoing projects in the Piceance Basin and Peace River Arch area.
DXI’s securities were not in compliance with New York Stock Exchange MKT continued listing standards, according to a Jan. 19 letter from the exchange. The company said it intends to submit a plan of how it intends to regain compliance by July 19. If the plan is accepted, DXI can continue listing on the exchange. At this time, the listing on the Toronto Stock Exchange is not affected, the company said.
DXI Energy Inc. has offices in in Calgary, Alberta, and Vancouver, British Columbia.
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