CALGARY, Alberta, July 28, 2026 (GLOBE NEWSWIRE) -- Jura Energy Corporation ("Jura" or the "Company") announced today that it has entered into a second amendment (the "Amendment") to its loan agreement (the "Loan Agreement") with IDL Investments Limited ("IDL"), as previously described in Jura's news release dated March 10, 2026.
Pursuant to the Amendment, the availability under the Loan Agreement was increased from US$6,000,000 to US$10,000,000. As of the date of this news release, approximately US$5,900,000 is drawn under the Loan Agreement. All other provisions of the Loan Agreement remain unamended. The increase in the Loan Agreement is aimed at ensuring that Jura and its subsidiaries have sufficient funding to pursue their ongoing legal actions against Petroleum Exploration (Pvt.) Limited ("PEL") as detailed in previous press releases.
The loan is structured as a non-convertible bilateral loan facility with a three-year term to July 22, 2027, and carries a fixed interest rate of 11% per annum. Pursuant to the Loan Agreement, and as general and continuing security for the payment and performance of the Company's obligations under the Loan Agreement, the Company granted, assigned, transferred and pledged to the lender a security interest in all of the Company's right, title and interest in and to 100% of the issued, outstanding and paid-up shares of its wholly-owned operating subsidiaries Spud Energy Pty Limited and Frontier Holdings Limited.
As IDL is a control person of Jura holding 55,694,790 common shares of Jura (or approximately 80.62% of the issued and outstanding common shares), the Amendment is a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") and TSX Venture Exchange ("TSXV") Policy 5.9. Jura confirms that the Amendment is exempt from the formal valuation requirement pursuant to section 5.5(b) of MI 61-101 as no securities of Jura are listed or quoted on any of the specified markets listed in such section. Further, the Loan Agreement is exempt from the minority shareholder approval requirements of MI 61-101 pursuant to section 5.7(1)(f) of MI 61-101 because the Loan Agreement: (a) is obtained from a related party on reasonable commercial terms that are not less advantageous to Jura than if the credit facility were obtained from a person dealing at arm's length; and (b) is not convertible into equity or voting securities nor repayable in equity or voting securities. The Amendment was approved by unanimous resolution of the board of directors of Jura, with Mr. Kashif Afzal, Director of IDL, abstaining. To the knowledge of the directors and officers of Jura, after reasonable inquiry, no prior valuation (as defined in MI 61-101) in respect of Jura that relates to the subject matter of or is otherwise relevant to the Amendment has been made in the 24 months before the date of this news release. Jura has provided the requisite notice of the Amendment to the TSXV.
About Jura Energy Corporation
Jura is an international energy company engaged in the exploration, development and production of petroleum and natural gas properties in Pakistan. Jura is based in Calgary, Alberta, and listed on the TSXV trading under the symbol JEC. Jura conducts its business in Pakistan through its subsidiaries, Frontier Holdings Limited and Spud Energy Pty Limited.
Forward Looking Advisory
This press release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of Canadian securities laws. The words "will", "continue", "expects", "may", "anticipates", "intends", and similar expressions are used to identify forward-looking information. Specific forward-looking statements in this press release include information regarding expectations regarding the sufficiency of funding available under the Loan Agreement to pursue ongoing legal actions against PEL.
The forward-looking statements contained in this press release are based on management's beliefs, estimates and opinions on the date the statements are made in light of management's experience, current conditions and expected future development in the areas in which Jura is currently active and other factors management believes are appropriate in the circumstances. Jura undertakes no obligation to update publicly or revise any forward-looking statement or information, whether as a result of new information, future events or otherwise, unless required by applicable law.
Readers are cautioned not to place undue reliance on forward-looking information. By their nature, forward-looking statements are subject to numerous assumptions, risks and uncertainties that contribute to the possibility that the predicted outcome will not occur, including some of which are beyond Jura's control. These assumptions and risks include, but are not limited to: uncertainties relating to the timing and process involved in ongoing legal actions against PEL. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements. See Jura's Management's Discussion and Analysis for the year ended December 31, 2025, available on SEDAR+ at www.sedarplus.ca- for further description of the risks and uncertainties associated with Jura's business.
FOR FURTHER INFORMATION, PLEASE CONTACT:
| Stephen Smith, Chairman, Jura Energy Corporation | |
| Website: | www.juraenergy.com |
| E-Mail: | info@juraenergy.com |
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
