Alberta · CCAA
Affidavit of Remi Anthony Berthelet dated April 10, 2019 2019-04-10
Affidavit · 10 April 2019
What we verified from this filing3 verified
- financial positionnote: Total liabilities figure ($97.4 million) is estimated as at April 1, 2019 while total assets ($140.3 million, comprised of $18.6 million current and $121.7 million non-current) are as at December 31, 2018 - the two figures are not contemporaneous. · page: 9 · as at: 2018-12-31 · basis: Assets: book value per draft, unaudited, consolidated financial statements (Exhibit F) as at December 31, 2018. Liabilities: management's estimate as at April 1, 2019 (different date from assets) · scope: Consolidated - Strategic Oil & Gas Ltd. and its wholly-owned subsidiary Strategic Transmission Ltd. · currency: CAD · total assets: 140300000 · total liabilities: 97400000
- secured creditorsnote: Related party - GMT Capital is Strategic's controlling shareholder and, per para. 125, its only secured lender; First Tranche notes issued November 27, 2018, bearing 12% interest; components (principal and accrued interest) stated separately, not summed by document · page: 9 · as of: 2019-04-01 · debtor: Strategic Oil & Gas Ltd. · creditor: GMT Capital (Bay Resource Partners, L.P., Bay II Resource Partners, L.P., Bay Resource Partners Offshore Master Fund, L.P. and affiliates) - First Tranche Noteholders · currency: CAD · security: First lien secured notes (First Tranche under the LOI); first lien notes of approximately $15 million, plus accrued interest of approximately $0.2 million
- secured creditorsnote: DISCHARGED - on April 1, 2019 RBC demanded repayment and issued a notice of set-off against the term deposits; the CAD LC Facility was paid in full via set-off and the CAD and US LC Facilities were terminated; outstanding third-party LCs remain until maturity but RBC (not Strategic) bears responsibility for any draws · page: 10 · as of: 2019-04-01 · debtor: Strategic Oil & Gas Ltd. · creditor: Royal Bank of Canada · currency: CAD · security: CAD LC Facility (aggregate limit $6,500,000 for letters of credit/guarantee) secured by cash-collateralized non-redeemable term deposit (initial deposit $4,471,876.50); $4.4 million drawn as at April 1, 2019