CALGARY, ALBERTA--(Marketwired - Jul 18, 2013) - FairWest Energy Corporation (TSX VENTURE:FEC) ("FairWest" or the "Company") announces that an Order was obtained on July 16, 2013 from the Court of Queen's Bench of Alberta (the "Court") extending the stay of proceedings granted to FairWest under the Companies' Creditors Arrangement Act to September 30, 2013.
On July 16, 2013, the Court also approved certain amendments to the debtor-in-possession financing provided by Supreme Group Inc. ("SGI") to FairWest (the "DIP Financing"). The maximum amount of financing available to FairWest was increased to $2,325,000 and the maturity date of the financing was extended to September 30, 2013. The DIP Financing is also subject to additional events of default which, if triggered, could result in SGI withdrawing its funding from FairWest prior to September 30, 2013.
For more information, interested parties can visit the Monitor's website at www.pwc.com/car-fec.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
319,654,775 Common Shares Issued