Jan 11 - Canada's Peak Energy Services Trust (PES_u.TO) sees significantly weaker 2010 results than earlier forecast and said it terminated its rights offering.
Shares of the Calgary, Alberta-based company were down 14 percent at 43 Canadian cents in afternoon trade on the Toronto Stock Exchange.
The company said it terminated its plans to raise up to C$22 million ($21.40 million) through the offering, as it did not provide an "appropriate solution to accomplish its long-term objectives."
Peak said based on its current cash flow projections, and the possible access to the $3.0 million bridge loan provided by investment firm Deans Knight it will have sufficient cash to continue as a going concern up to March 31.
The company also said its senior lenders had waived all defaults until Jan. 29.
Shares of the Calgary, Alberta-based company were down 14 percent at 43 Canadian cents in afternoon trade on the Toronto Stock Exchange.
The company said it terminated its plans to raise up to C$22 million ($21.40 million) through the offering, as it did not provide an "appropriate solution to accomplish its long-term objectives."
Peak said based on its current cash flow projections, and the possible access to the $3.0 million bridge loan provided by investment firm Deans Knight it will have sufficient cash to continue as a going concern up to March 31.
The company also said its senior lenders had waived all defaults until Jan. 29.
