Wedgemount Resources Announces Missed Semi-Annual Convertible Debenture Interest Payment
Vancouver - Wedgemount Resources Corp. (CSE: WDGY)(OTCQB: WDGRF) ("Wedgemount" or the "Company"), today announces that the Company is unable to make the semi-annual interest payment scheduled for August 25, 2025 on CAD$2.45 million outstanding, 10% Unsecured Convertible Debentures maturing in 2028 (the "Debentures"). The missed interest payment totalling CAD$122,500 is the result of unexpected liquidity constraints resulting from a shutdown of third-party gas gathering facilities in Wedgemount's core area and slower than anticipated growth in production at the Huggy leases, which together negatively impacted revenues.
"On behalf of everyone at the company we regret the missed payment and understand the concerns of our Debenture holders," said Mark Vanry, CEO of Wedgemount. "The unforeseen emergency gas pipeline shutdowns at third-party operated facilities unfortunately forced the Company to shut-in both oil and gas production as gas from over 50% the Company's oil wells could no longer be vented."
The Company has contacted each Debenture holder to address to advise them of the situation. The failure to pay interest under the debentures is considered an event of default under the terms of the Debentures. The Company has not received notice of default from any Debenture holder. Wedgemount will provide an update on any resolution with Debenture holders, and the return of production, as more information becomes available.
About Wedgemount Resources Corp.
Wedgemount Resources is a junior oil & gas company focused on maximizing shareholder value through the acquisition, development and exploitation of oil and gas projects in Texas, USA.
On behalf of the Board of Directors,
WEDGEMOUNT RESOURCES CORP.
Mark Vanry, President and CEO
For more information, please contact the Company at:
Telephone: (604) 343-4743
info@wedgemountresources.com
www.wedgemountresources.com
Reader Advisory
This news release may contain statements which constitute "forward-looking information", including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities of the Company. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Forward looking statements made in this news release includes, providing a status update on production. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities and involve risks and uncertainties, and that the Company's future business activities may differ materially from those in the forward-looking statements as a result of various factors, including, but not limited to, availability of funds, personnel and other resources necessary to conduct exploration or development programs, successes of the Company's exploration efforts, availability of capital and financing and general economic, market or business conditions. There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
Neither the Canadian Securities Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
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