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SAVANNA ANNOUNCES CLOSING OF DEBT FINANCING, PRIVATE PLACEMENT AND BOUGHT DEAL FINANCING

Dec, 13 2016

CALGARY, December 13, 2016 – Savanna Energy Services Corp. (“Savanna“) (TSX–SVY) is pleased to announce that it has completed its previously announced financings with Alberta Investment Management Corporation (“AIMCo“) providing for a $200 million second lien senior secured term loan facility and a private placement (the “Private Placement“) of 13 million common shares of Savanna (“Common Shares“) at a price of $1.45 per Common Share for gross proceeds of $18.85 million. The initial draw on the second lien facility was $105 million. In conjunction with the funding of the second lien facility, Savanna has issued 7 million warrants to purchase Common Shares to AIMCo, entitling AIMCo to acquire up to 7 million Common Shares at an exercise price of $2.50 per Common Share at any time prior to December 13, 2018.

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