CF Energy commences execution of loan repayment

0
29

[ad_1]

TORONTO, 28 June 2021 (GLOBAL INFO) – CF Energy Corp. (TSX-V: CFY) (“CF Energy” or “Company” together with its subsidiaries, “The Group”), a leading new energy service provider in the People’s Republic of China (“PRC” or “China”).

The Company would like to refer to the Company’s press release dated July 26, 2019, which announced the decision of the Board of Directors (“Management Board”) of the Company to exercise the Company’s option in accordance with the May 25th Loan Disbursement Agreement. , 2017 among the Company, Sanya Changfeng Offshore Natural Gas Supply Co., Ltd. (“Sanya Changfeng”) and Mr. Huajun Lin (“Mr. Lin”) to demand that Mr. Lin’s estate (“Property”) be invested for a cumulative amount of RMB 36,000,000 (approximately CAD 6,861,587 ) in the ordinary shares of the Company (the “Investments”) at a price of CAD 0.68 (which is the 30-day weighted average trading price of the ordinary shares of the Company for the 30 days before June 28, 2019), as prescribed in the Loan Repayment Agreement for one ordinary share, which represents a premium of approximately 6.3% compared to the closing price of the Company’s ordinary shares on July 24, 2019.

Investment Notices (“Notices”) were sent to the four beneficiaries of the Estate. Among the four beneficiaries of the Manor, Ann (Xiin) Lin and Xiqin Lin provided the Company with written representations, respectively, that they fully agree to carry out the Investment. The other two beneficiaries of the Manor, namely Mingfei He and Zhipei (Trevor) Lin, however, did not agree to pay for the Investment. On June 2, 2021, Ann (Xiin) Lin sent a letter to the Company, and Sanya Changfeng confirmed her consent to invest.

Since the release of the Notices, the Board and management of the Company have made continuous efforts to communicate with Mingfei He and Zhipi Lin, asking and urging them to complete the Investment. However, given that Heritage has passed time to subscribe for shares, the Company has no choice but to sue to enforce the Agreement on the repayment of the loan and the Investment. On June 21, 2021, the Company, together with Sanya Changfeng, filed a contractual dispute claim (“Claim”) against real estate with the Intermediate People’s Court (“Court”) of Sanya City, Hainan Province, PRC to enforce the execution of the Loan Agreement and Investments.

Following the filing of the lawsuit on June 23, 2021, Xiqing Lin sent a letter to the Company, and Sanya Changfeng confirmed her consent to carry out the investment, and on June 24, 2021, the court issued a subpoena demanding that all parties involved in the Lawsuit to participate in the court hearing to be held August 31, 2021 in Sanya City, Hainan Province, PRC.

About CF Energy Corp. (formerly known as: Changfeng Energy Inc.)
CF Energy Corp. is a Canadian public company currently listed on the Toronto Venture Exchange (“TSX-V”) under the symbol “CFY”. It is an integrated energy supplier and natural gas distribution company (or natural gas utility) in the PRC. CF Energy is committed to integrating advanced clean energy technologies using natural gas to provide sustainable energy to its customers in the PRC. In 2009, CF Energy was recognized as one of the ten most influential brands in China in the gas industry, and in 2019 was ranked among the leaders of the 2019 TSX Venture 50 by TSXV 2018.

CONTACTS

Corporate investment relations

Investor.relations@changfengenergy.cn
Charles Wang
Executive Assistant to CEO and Chairman of the Management Board
zhaoyu.wang@changfengenergy.cn

Frederick Wong
Director of the Board
fred.wong@changfengenergy.cn

Mike Liu
Vice President for Capital Markets
mike.liu@changfengenergy.cn

Forward-looking statements

Certain statements in this press release are forward-looking statements and forward-looking information (collectively, “Forward-looking statements”). All statements, other than statements of historical fact, incorporated or incorporated herein by reference, are forward-looking statements, including statements regarding actions, events or events that the Company expects or expects in the future. These forward-looking statements may be identified using forward-looking words such as “will,” “expect,” “intend,” “plan,” “estimate,” “expect,” “believe,” “continue,” and other similar words and / or their negation. No assurance is given that the plans, intentions or expectations or assumptions on which these forward-looking statements are based will prove to be correct, and the forward-looking statements included in this press release should not be relied on unduly. While management believes that the expectations set forth in such forward-looking statements are reasonable, there is no guarantee that such expectations will be realized. Such outwardly appealing statements do not constitute a guarantee of performance and involve known and unknown risks, uncertainties, assumptions and other factors that could cause actual results, performance or achievements to materially deviate from the expected results, performance or achievements or developments expressed by or implied. such forward-looking statements. These factors include, but are not limited to, significant and continuing adverse changes in general economic or financial market conditions. Readers are cautioned that all forward-looking statements involve risks and uncertainties, including those risks and uncertainties that are detailed in the Corporation’s filings with the relevant Canadian securities regulators, copies of which are available at www.sedar.com. The company encourages readers to carefully consider these factors. The forward-looking statements included in this press release are made as of the date of this document and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, for except as expressly required by applicable securities laws. This press release is neither an offer to sell nor a request for proposals to buy any of the securities described in this document. Accordingly, one should not overly rely on its content.

Neither TSX Venture Exchange nor its Regulatory Service Provider (as defined in the TSX Venture Exchange policy) are responsible for the adequacy or accuracy of this release.

[ad_2]

Source link