Announcement: Private Placement Preferred Stock Update

Announcement: Private Placement Preferred Stock Update

Announcement

MERIDIAN ENERGY GROUP, INC.
ANNOUNCEMENT REGARDING THE PRIVATE PLACEMENT
OF MERIDIAN PREFERRED STOCK
Thursday April 18th, 2019

The accelerated pace of development of Meridian’s Davis Refinery in the Bakken, as well as follow-on projects such as Walton Station in the Permian, have created a greatly accelerated need for short-term capital. As Meridian and its financial advisors prepare the $1 billion project finance placement, the current funding needs of the Company must be met by the proceeds of Meridian’s private placement of Preferred Stock. The negotiation of terms for certain major prospective investments into the Company to meet the Company’s funding requirements has led the Company to make concessions that the Company will now pass along to its other investors. This includes the existing investors in the Preferred under the previous terms, and also includes making changes to the terms of the Preferred Offering on a going-forward basis. The new terms and conditions are reflected in the Company’s private placement memorandum dated April 18th 2019, and include a change in the Offering price to $8/share. The Company believes that this change will help to accelerate the pace of its Offering and meet the milestones necessary for Institutional Project Financing.

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