Calgary – TheNewswire – September 30, 2020 – Whitemud Resources Inc. (“Whitemud” and the “Company”) (TSXV:WMK) is pleased to announce that the Company reduced the principal on its outstanding secured loans in the amount of $500,000 on September 30, 2020 pursuant to the Company’s previously announced debt reduction plan.
The performance of the Company’s Midstream Energy Partners division during the second and third quarters of 2020 continues to support a reduction of the Company’s secured loans.
About Whitemud Resources Inc.
Whitemud is a Canadian-based corporation engaged in the business of commodity marketing and logistics through Midstream Energy Partners, a division of Whitemud Resources Inc. formed in 2015.
Whitemud also holds mineral rights to exploit a large kaolin deposit in southern Saskatchewan, together with a processing facility located on the property. Whitemud’s product, Whitemud (MK) is a cement-grade metakaolin that enhances the performance of cement for oil and gas wells and construction applications. The Company uses a process that minimizes environmental impact.
For further information, please contact:
Whitemud Resources Inc.
Suite 3900, 205 5th Avenue SW
Calgary, Alberta T2P2V7
This news release contains forward-looking statements, within the meaning of applicable securities legislation, concerning Whitemud’s business and affairs. In certain cases, forward-looking statements can be identified by the use of words such as ”attempts”, ”intends”, “continues” or variations of such words and phrases or state that certain actions, events or results ”may”, ”could”, ”would”, ”might” or ”will be taken”, ”occur” or ”be achieved”. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although Whitemud believes these statements to be reasonable, no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. Such statements include statements with respect to (i) Whitemud having sufficient cash reserves to manage its business affairs and seek out other business opportunities; (ii) Whitemud’s ability to make additional payments under the debt reduction plan on a quarterly basis or otherwise; and (iii) the continued support of the Company’s secured creditors going forward. Actual results could differ materially from those anticipated in these forward-looking statements as a result of prevailing economic conditions, and other factors, many of which are beyond the control of Whitemud. The forward-looking statements contained in this news release represent Whitemud’s expectations as of the date hereof, and are subject to change after such date. Whitemud disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable securities regulations.
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