Toscana Announces Redemption of Outstanding Convertible Debentures

CALGARY, Alberta, May 14, 2019 (GLOBE NEWSWIRE) -- Toscana Energy Income Corporation ("Toscana" or the "Corporation") (TSX:TEI) today reported that it has completed its previously announced transaction (the "Transaction") to redeem in full the CAD$19,975,000 principal amount of outstanding 7.25% convertible unsecured subordinated debentures (the "Debentures") due June 30, 2021, after accounting for the conversion of CAD$25,000 principal amount of Debentures prior to the closing of the Transaction, in exchange for the issuance of common shares in the capital of Toscana ("Common Shares").

Pursuant to the Transaction, all of the Debentures were redeemed and all claims of the holders of Debentures (the "Debentureholders") were extinguished in exchange for an aggregate of 137,941,138 Common Shares, including the payment, in the form of Common Shares, of all accrued but unpaid interest owing up to but excluding May 14, 2019 (the "Redemption Date"), being the effective date of the Transaction, in each case on the basis of a price of $0.15898 per Common Share.

Immediately prior to the Transaction, 7,188,207 Common Shares were issued and outstanding. Following completion of the Transaction, an aggregate of 145,129,345 Common Shares are issued and outstanding.

Upon closing of the Transaction, all Debentures were redeemed, and all claims of Debentureholders in connection with same were extinguished and interest upon the principal amount of Debentures so redeemed shall cease to be payable from and after the date hereof.

About Toscana Energy Income Corporation
Toscana Energy Income Corporation is a conventional oil and gas producer with the mandate to acquire high quality, long life oil and gas assets including royalties, non-operated working interests and unitized production for yield and capital appreciation.

For further information, please contact:
Joseph S. Durante, Chief Executive Officer
Tel: (403) 410-6793
Fax: (403) 444-0090
SOURCE: Toscana Energy Income Corporation