Canadian Equipment Rentals Corp. ("CERC" or the "Company") (TSX VENTURE:CFL) is pleased to announce that it has closed the previously announced $20.4 million loan transaction (the "Loan Transaction") between CERC and Maynbridge Capital Inc. ("Maynbridge") and repaid the existing syndicated lenders in full.
The Company is also pleased to announce that it has completed the conversion of $2.5 million of debt owing to a company controlled by Mr. Dean Swanberg in exchange for 10 million common shares of the Company, representing a price of $0.25 per share.
Concurrently with the closing of the Loan Transaction, the directors of CERC have appointed Mr. Swanberg and Mr. Dean Shillington, CEO of Maynbridge, to the Company's Board of Directors. Mr. Swanberg's experience and reputation as a veteran oilfield executive in Western Canada and Mr. Shillington's business and finance expertise are expected to be of great value to the Company.
About Canadian Equipment Rentals Corp.
Canadian Equipment Rentals Corp. is a Canadian public corporation and parent company to Zedcor Energy Services Corp. ("Zedcor"). Zedcor is engaged in the rental of surface equipment and accommodations to the Western Canadian Oil and Gas Industry. The Company trades on the TSX Venture Exchange under the symbol "CFL".
About Maynbridge Capital Inc.
Maynbridge Capital Inc. (www.maynbridge.ca) is a boutique lender that specializes in equipment and property financing to companies across Canada. With offices in Vancouver, Calgary, Toronto, Ottawa and Montreal, Maynbridge is an asset-based lender that assists companies through periods of transition in all economic climates.
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