CALGARY, Nov. 26, 2015 /PRNewswire/ - Spyglass
Resources Corp. ("Spyglass", or the "Company") (TSX: SGL, OTCQX:
SGLRF) announces that the Court of Queens Bench of Alberta has granted the application of the
Company's syndicate of lenders, to appoint Ernst & Young Inc.
(the "Receiver") as receiver and manager over the assets,
undertakings and property of Spyglass and its subsidiaries.
The Receiver is charged with managing the day to day affairs of the
Corporation during the period of its appointment and should be
contacted with respect to any questions concerning the assets and
liabilities of Spyglass and its subsidiaries.
Effective upon the appointment of the Receiver, all of the
Corporation's directors have resigned as directors of the
Corporation and its subsidiaries.
Reader Advisory and Note Regarding Forward Looking
Information
Certain statements contained within this press release, and in
certain documents incorporated by reference into this document
constitute forward looking statements. These statements
relate to future events or future performance. All statements,
other than statements of historical fact, may be forward looking
statements. Forward looking statements are often, but not
always, identified by the use of words such as "seek",
"anticipate", "budget", "plan", "continue", "estimate", "expect",
"forecast", "may", "will", "project", "predict", "potential",
"targeting", "intend", "could", "might", "should", "believe" and
similar expressions. These statements involve known and unknown
risks, uncertainties and other factors that may cause actual
results or events to differ materially from those anticipated in
such forward looking statements.
In particular, this press release contains the following forward
looking statements pertaining to, without limitation, the
following: (i) Spyglass' ability to meet its covenants contained in
its credit agreement; and (ii) whether the Court will grant the
Receivership Application.
Readers are cautioned that the foregoing lists of factors are
not exhaustive. The forward looking statements contained in
this press release and the documents incorporated by reference
herein are expressly qualified by this cautionary statement.
The forward looking statements contained in this press release
speak only as of the date thereof and Spyglass does not assume any
obligation to publicly update or revise them to reflect new events
or circumstances, except as may be required pursuant to applicable
securities laws.
SOURCE Spyglass Resources