Avatar Energy Ltd. ("Avatar" or the "Corporation") (TSX VENTURE:AVG) announces
that it has received a Notice of Intention to Enforce Security from its bank
lender and, in connection therewith, that it has consented to the appointment by
the lender of Ernst & Young Inc. as the receiver and manager of the
Corporation's property. As a result of the current financial position of the
Corporation and current economic circumstances, and following a thorough review
of strategic alternatives available to the Corporation, the Corporation has
determined that it is in the best interests of the Corporation and its
stakeholders to approve the receivership. The Corporation's assets may not be
sufficient to satisfy the indebtedness owing under its credit facilities to its
bank lender or, if sufficient, may not be sufficient to satisfy the
Corporation's other liabilities.


In connection with the receivership order, the directors of the Corporation have
resigned from their positions with the Corporation. The TSX Venture Exchange has
been notified of these developments and it is expected that the Corporation's
shares will be suspended or delisted from trading in due course.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Avatar Energy Ltd.
Mr. Alan D. Jack, P. Eng
President & Chief Executive Officer
(403) 517-8818
Grafico Azioni Avidian Gold (TSXV:AVG)
Storico
Da Gen 2025 a Feb 2025 Clicca qui per i Grafici di Avidian Gold
Grafico Azioni Avidian Gold (TSXV:AVG)
Storico
Da Feb 2024 a Feb 2025 Clicca qui per i Grafici di Avidian Gold