Trafina Announces That a Receiver Has Been Appointed by the Court to Liquidate Its Assets and Its Directors Have Resigned
CALGARY, ALBERTA--(Marketwire - June 13, 2012) -
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Trafina Energy Ltd. ("Trafina" or the "Company") (TSX VENTURE:TFA.A)announces that it has been unable to develop a satisfactory plan to repay the indebtedness owing under its facility to its lender and, as a result, it is no longer able to maintain forbearance arrangements with its lender. Accordingly, at the request of Trafina's lender a receiver was appointed today by the court to liquidate Trafina's assets. The Company's assets may not be sufficient to satisfy the indebtedness owing under its facility to its lender or, if sufficient, may not be sufficient to satisfy the Company's other debts and accounts payable. In connection with the appointment today of a receiver by the court, each of Trafina's directors resigned. The TSX Venture Exchange has been notified of these developments and it is expected that Trafina's shares and warrants will be suspended or delisted from trading in due course.
Trafina is a junior oil and gas company based in Calgary, Alberta. The Company's main areas of interest are in the McMullen area of Alberta with other operated and non-operated production in Wetaskiwin. Trafina's shares trade on the TSX Venture Exchange under the stock symbol TFA.A and warrants trade under the stock symbol TFA.WT.A.