Alberta · Receivership (court-appointed)

First Report of the Receiver

Court officer report · 18 March 2025

AI summary

A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.

What we verified from this filing1 verified

secured creditorsnote: Exact balance as at Jan 29, 2025 (date of default notice/demand) was $4,103,997.26 plus continuing interest and fees. Receiver states that subsequent to Jan 29, 2025 and prior to the Feb 13, 2025 Date of Appointment, Beta repaid $1,500,000 to Apex, leaving Apex owed 'approximately $2.5 million plus accruing interest and fees' as of the report date (March 18, 2025) — this later figure is a prose approximation only. Apex is the Debtors' senior secured creditor and is noted as supportive of the SISP and consulted regarding the KERP (KERP payments conditional on Apex being repaid in full). · page: 6 · as of: 2025-01-29 · amount: 4103997.26 · debtor: Beta Energy Corp. (primary debtor under Convertible Note Agreement); Kaden Energy Ltd. (guarantor and grantor of Debenture) · creditor: Apex Opportunities Fund Ltd. · currency: CAD · security: General Security Agreement from the Debtors dated November 15, 2024; Debenture granted by Kaden in favour of Apex dated November 15, 2024, promising payment of principal amount of $12,000,000 (registered principal/face amount, not outstanding balance) and granting security interest in Kaden's personal and real property; Guarantee by Kaden dated November 15, 2024 of Beta's indebtedness; underlying Convertible Note Agreement (Aug 23, 2024) permitted notes up to aggregate principal of $12,000,000 (facility limit, not balance)