CALGARY, ALBERTA--(Marketwired - July 2, 2015) - Delphi Energy Corp. (TSX:DEE) ("Delphi" or the "Company") reports that it has granted an extension to the closing date of its previously announced disposition.
In consideration for the extension of the closing date, the Company has received and deposited an additional $5.0 million non-refundable deposit from the purchaser, bringing the total deposit amount to $10.0 million, which will be applied against the purchase price of $50.0 million at closing. The transaction has an effective date of April 1, 2015 and is now expected to close by the end of July 2015. The net proceeds from the disposition will be applied to reduce the Company's bank indebtedness.