Pine Cliff Energy Ltd. Declares Monthly Dividend for December 31, 2024 and Extension of Increased Demand Loan

(Neutral)

Rhea-AI Summary

Pine Cliff Energy has announced a regular monthly dividend of $0.005 per common share, payable on December 31, 2024, to shareholders of record on December 16, 2024. These dividends are expected to be designated as non-eligible dividends for Canadian income tax purposes.

The company has also extended its temporary increased demand loan facility with a Canadian chartered bank, maintaining it at $15.0 million until April 30, 2025. This extension modifies the previous arrangement that would have reduced the loan to $12.0 million on December 1, 2024.

Positive

Maintained consistent monthly dividend distribution
Successfully extended demand loan facility at $15.0 million instead of reducing to $12.0 million
Secured additional $3.0 million in available credit facility until April 2025

Negative

Low dividend amount of $0.005 per share indicates cash distribution to shareholders
Need for continued elevated loan facility might suggest ongoing liquidity management challenges

News Market Reaction – PIFYF

+0.19%

+0.19% Session move

In the trading session that priced this news, PIFYF gained 0.19%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

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12/03/2024 - 06:13 PM

Calgary, Alberta--(Newsfile Corp. - December 3, 2024) - Pine Cliff Energy Ltd. (TSX: PNE) (OTCQX: PIFYF) ("Pine Cliff" or the "Company") has declared a regular monthly dividend of $0.005 per common share to be paid December 31, 2024, to shareholders of record on December 16, 2024. This dividend and future dividends are expected to be designated as non-eligible dividends for Canadian income tax purposes until further notice.

On November 29, 2024, Pine Cliff extended a temporary increase in its demand loan with a Canadian chartered bank to $15.0 million until April 30, 2025. The increase initially granted on March 27, 2024 was previously scheduled to reduce to $12.0 million effective December 1, 2024.

About Pine Cliff

Pine Cliff is a natural gas and crude oil company with a long-term view of creating shareholder value. Further information relating to Pine Cliff may be found on sedarplus.ca as well as on Pine Cliff's website at www.pinecliffenergy.com.

For further information, please contact:

Philip B. Hodge - President and CEO
Kristopher B. Zack -CFO and Corporate Secretary
Telephone: (403) 269-2289
Fax: (403) 265-7488
Email: info@pinecliffenergy.com

The TSX does not accept responsibility for the accuracy of this release.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/232400

FAQ

What is Pine Cliff Energy's (PIFYF) dividend amount for December 2024?

Pine Cliff Energy has declared a monthly dividend of $0.005 per common share for December 2024.

When is Pine Cliff Energy's (PIFYF) December 2024 dividend payment date?

The dividend will be paid on December 31, 2024, to shareholders of record as of December 16, 2024.

What is the new expiration date for Pine Cliff Energy's (PIFYF) increased demand loan?

Pine Cliff Energy's increased demand loan of $15.0 million has been extended until April 30, 2025.

How are Pine Cliff Energy's (PIFYF) dividends classified for Canadian tax purposes?

The dividends are expected to be designated as non-eligible dividends for Canadian income tax purposes until further notice.