Vital Energy Inc. Enters into a Loan Agreement with Mr. Hai Zhou
May 26, 2020 at 04:30 pm EDT
Vital Energy Inc. announced that it has entered into a loan agreement with Mr. Hai Zhou, a director and control person of the Corporation, for a $4,000,000 credit facility (the “Credit Facility”) that is unsecured and matures on May 22, 2022. Funds advanced under the Credit Facility bear interest at a rate of 12% per annum, payable annually. Vital has determined that exemptions from the various requirements of the TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 are available in connection with the loan from Mr. Zhou (Formal Valuation - Issuer Not Listed on Specified Markets; Minority Approval - Loan to Issuer, No Equity or Voting Component).