25-Jul-2016 Tesla Announces Appointment of Receiver and Resignation of Directors
Tesla Exploration Ltd. ("Tesla" or the "Company") announces that further to the notice of the demand for repayment of all outstanding indebtedness with the exception of the leasing facilities under its Canadian credit facility (the "Credit Facility") from its Canadian Lender (the "Lender"), the Company has consented to early enforcement by the Lender of its security for all amounts owing under the Credit Facility. The Lender has also received a court order for the appointment of Ernst & Young Inc. (the Receiver") as the Receiver over the property of the Company. The Receiver will be in charge of managing the day to day affairs of the Company during the period of its appointment and should be contacted with respect to any questions concerning the assets and liabilities of the Company.
Prior to the appointment of the Receiver, all of the directors of the Company have resigned.
25-Jul-2016 Tesla Announces Receipt of Repayment Demand and Expected Appointment of Receiver
Tesla Exploration Ltd. ("Tesla" or the "Company") announces that it has received a demand from its Canadian lender (the "Lender") for repayment of all outstanding indebtedness with the exception of the leasing facilities under the Company's Canadian credit facility (the "Credit Facility").
On July 22, 2016, the Lender issued a demand letter and notice under the Bankruptcy and Insolvency Act whereby the Lenders set forth their intent to enforce their security for repayment of all amounts owing under the Credit Facility. The Lender has indicated to the Company that if the payment demanded is not made in full by close of business on August 1, 2016, or if the Lender determines that its collateral is at risk, the Lender will take such further steps as may be necessary to protect its position. These steps are expected to include the appointment of Ernst & Young Inc. as a receiver and such receiver will be in charge of managing the day-to-day affairs of the Company.
The Company has requested that the Toronto Stock Exchange halt trading in the Company's shares and it is expected that the shares will remain halted until such time that the Toronto Stock Exchange deems appropriate.
25-Jul-2016 IIROC Trading Halt - TXL
TORONTO, July 25, 2016 /CNW/ - The following issues have been halted by IIROC:
Company: Tesla Exploration Ltd.
TSX Symbol: TXL (all issues)
Reason: Pending News
Halt Time (ET): 8:49 AM ET
IIROC can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.
SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - Halts/Resumptions
21-Jul-2016 Tesla Provides Update to Credit Facility Negotiations
Tesla Exploration Ltd. ("Tesla" or the "Company") reports that it continues to negotiate with its UK and Canadian lenders to reach an agreement regarding the Company's immediate future. The Company has received notification that the current agreement has been extended to July 22, 2016. A failure to reach an agreement would have a material adverse effect on the Company including the possibility of the Company being placed into receivership. The Company continues to be pessimistic that it will reach an agreement with its lenders that would allow it to function as a going concern.
20-Jul-2016 Tesla Provides Update to Credit Facility Negotiations
Tesla Exploration Ltd. ("Tesla" or the "Company") reports that it continues to negotiate with its UK and Canadian lenders to reach an agreement regarding the Company's immediate future. The Company has received notification that the current agreement has been extended to July 21, 2016. A failure to reach an agreement would have a material adverse effect on the Company including the possibility of the Company being placed into receivership. The Company is increasingly pessimistic that it will reach an agreement with its lenders that would allow it to function as a going concern.
19-Jul-2016 Tesla Provides Update on Credit Facility Negotiations
Tesla Exploration Ltd. ("Tesla" or the "Company") reports that it continues to negotiate with its UK and Canadian lenders to reach an agreement to allow the Company to continue to function as a going concern. The Company has received notification that the current agreement has been extended to July 20, 2016. A failure to reach an agreement would have a material adverse effect on the Company.
18-Jul-2016 Tesla Provides Update to Credit Facility Negotiations
Tesla Exploration Ltd. ("Tesla" or the "Company") reports that it continues to negotiate with its UK and Canadian lenders to reach an agreement to allow the Company to continue to function as a going concern. The Company has received notification that the current agreement has been extended to July 19, 2016. A failure to reach an agreement would have a material adverse effect on the Company.
14-Jul-2016 Tesla Provides Update on Credit Facility Negotiations
Tesla Exploration Ltd. ("Tesla" or the "Company") reports that it continues to negotiate with its UK and Canadian lenders to reach an agreement to allow the Company to continue to function as a going concern. The Company has received notification that the current agreement has been extended to July 18, 2016. A failure to reach an agreement would have a material adverse effect on the Company.
13-Jul-2016 Tesla Provides Update to Credit Facility Negotiations
Tesla Exploration Ltd. ("Tesla" or the "Company") reports that it continues to negotiate with its UK and Canadian lenders to reach an agreement to allow the Company to continue to function as a going concern. The Company has received notification that the current agreement has been extended to July 14, 2016. A failure to reach an agreement would have a material adverse effect on the Company.
12-Jul-2016 Tesla Provides Update to Credit Facility Negotiations
Tesla Exploration Ltd. (“Tesla” or the “Company”) reports that it continues to negotiate with its UK and Canadian lenders to reach an agreement to allow the Company to continue to function as a going concern. The Company has received notification that the current agreement has been extended to July 13, 2016. A failure to reach an agreement would have a material adverse effect on the Company.
12-Jul-2016 Tesla publishes NonSmoking Standards
Tesla Exploration Ltd.'s objective is to promote a healthy working environment for its entire staff. The Company accepts the medical evidence that lung cancer, chronic bronchitis and other serious diseases are directly linked to smoking and the concern raised of the effects of passive smoking on non-smokers. Tesla operates a restrictive no smoking policy, which applies to all premises, work sites, work locations including company owned and leased vehicles.
11-Jul-2016 Tesla Provides Update on Credit Facility Negotiations
Tesla Exploration Ltd. ("Tesla" or the "Company") reports that it continues to negotiate with its UK and Canadian lenders to reach an agreement to allow the Company to continue to function as a going concern. The Company has received notification that the current agreement has been extended to July 12, 2016. A failure to reach an agreement would have a material adverse effect on the Company.
8-Jul-2016 Tesla Provides Update to Credit Facility Negotiations
Tesla Exploration Ltd. reports that it continues to negotiate with its UK and Canadian lenders to reach an agreement to allow the Company to continue to function as a going concern. The Company has received notification that the current agreement has been extended to July 11, 2016. A failure to reach an agreement would have a material adverse effect on the Company.
5-Jul-2016 Tesla Provides Update to Matco Guarantee and Credit Facility Negotiations
Tesla Exploration Ltd. reports that its Canadian lender has called the remaining undrawn portion of the $2.5 million Matco Guarantee in the amount of $976,730.
Tesla has been negotiating with both its UK and Canadian lenders to achieve an agreement to provide access to sufficient liquidity to allow the Company to continue to function as a going concern. To date the parties have been unable to reach such an agreement. The Company's current agreement with its lender expires on July 8, 2016. The Company and its lenders continue to explore alternatives.
30-Jun-2016 Tesla Provides Credit Facility Update
Tesla Exploration Ltd. wishes to announce that its Canadian lender has extended the availability of the Company's demand credit facility in Canada to July 8, 2016.
31-May-2016 Tesla Announces Deferral of Changes to UK Credit Facility
Tesla Exploration Ltd. wishes to announce that further to Tesla's press release of May 16, 2016, the Company has received a formal notice that its UK lender will defer this reduction to June 30, 2016, the date the overdraft facility otherwise expires.
16-May-2016 Tesla Reports 2016 First Quarter Results and Provides Update on Credit Facilities and Going Concern
Tesla Exploration Ltd. today announces its 2016 first quarter operating and financial results.
13-May-2016 Tesla Announces Voting Results of Election of Directors
Tesla Exploration Ltd. is pleased to announce, in accordance with Toronto Stock Exchange requirements, the results of its Annual General Meeting of Shareholders held on May 13, 2016.
5-May-2016 Tesla Provides an Update on its Credit Facilities
Tesla Exploration Ltd. (“Tesla” or the “Company”) today provides an update regarding its credit facilities.
16-Mar-2016 Tesla Reports 2015 Fourth Quarter and Year End Results
Tesla Exploration Ltd. today announces its 2015 fourth quarter and year end operating and financial results.
23-Dec-2015 Tesla Announces Equity Compensation for Shareholder Guarantee
Tesla Exploration Ltd. ("Tesla" or the "Company") wishes to announce that further to Tesla's press release of September 9, 2015, and its unaudited financial statements for the three and nine months endedSeptember 30, 2015, whereby it announced that Matco Investments Ltd. ("Matco"), the Company's largest shareholder, had agreed to provide a guarantee in the amount of $2.5 million (the "Guarantee"), in favour of the Company's lender, which becomes operative in certain circumstances, Tesla has received conditional approval from the Toronto Stock Exchange ("TSX") to issue incremental equity consideration to Matco in consideration for the provision of the Guarantee.
16-Nov-2015 Tesla Reports 2015 Third Quarter Results
Tesla Exploration Ltd. today announces its 2015 third quarter operating and financial results.
14-Oct-2015 Tesla Exploration Partnership earns acknowledgement from WCB
Tesla Exploration is pleased to announce that its Canadian division has achieved recognition for Heath and Safety by the Workers Compensation Board of Alberta for excelling in our industry classification. Tesla Exploration Partnership is currently operating at a level that is 82.48% better than our industry average.
09-Sep-2015 Tesla Completes Renewal of Credit Facility
Tesla Exploration Ltd. is pleased to announce today that it has completed the
annual extension of its credit facility agreement with its lender subject to final
documentation of the agreement. The extension is effective until June 30, 2016, and provides Tesla
with the financial flexibility required in its operations during the next ten months.
11-Aug-2015 Tesla Reports 2015 Second Quarter Results
Tesla Exploration Ltd. today announces its 2015 second quarter operating and financial results.
07-Jul-2015 Tesla Provides an Update to its Credit Facility Renewal
Tesla Exploration Ltd. announces that it is continuing to work with its current bank lender on the annual extension of its credit facility agreement.
11-May-2015 Tesla Reports 2015 First Quarter Results
Tesla Exploration Ltd. today announces its 2015 first quarter operating and financial results.
17-Mar-2015 Tesla Reports 2014 Year End Results
Tesla Exploration Ltd. today announces its 2014 year end operating and
financial results.
13-Jan-2015 Executive Appointments at Tesla Exploration Ltd. and Tesla Offshore LLC
Tesla is pleased to announce the appointment of Graham Reid CA as the new VP of Finance and CFO at Tesla Exploration Ltd.
Tesla Offshore is pleased to announce the appointment of CD Schemp as the new President of Tesla Offshore LLC.
13-Nov-2014 Tesla Reports 2014 Third Quarter Results
Tesla Exploration Ltd. today announces its 2014 third quarter operating and
financial results.
13-Nov-2014 Executive changes at Tesla Exploration and Tesla Offshore
Stuart Craven VP and CFO advises the board of resignation effective November 30, 2014
Randall Bergeron, President of Tesla Offshore announces retirement effective December 15, 2014.
16-Oct-2014 Strategic Alliance
Tesla Exploration Ltd., Calfrac Well Services Ltd., NanoSeis LLC, Reservoir Imaging Ltd. and Silixa Ltd. form Strategic Alliance
03-Sep-2014 Tesla Exploration Partnership 2014-2015 Hiring for Field Crews
Hiring for 2014-2015 Winter Season in Canada, please contact Tesla Human Resources
12-Aug-2014 Tesla Reports 2014 Second Quarter Results
Tesla Exploration Ltd. today announces its 2014 second quarter operating
and financial results.
01-Jun-2014 Tesla Exploration International achieves 2 million man hours safety award
For reaching 2 million man hours without a Lost Time Incident
12-May-2014 Tesla Reports 2014 First Quarter Results
Tesla Exploration Ltd. today announces its 2014 first quarter operating and
financial results.
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