MCW Energy secures $3 million through convertible debt financing

Pacific Seaboard lead investor for placement of 7% convertibles

By Devika Patel

Knoxville, Tenn., May 25 - MCW Energy Group Ltd. said it plans a $3 million private placement of 7% convertible debt, which will settle in September. Pacific Seaboard Ltd. is the lead investor.

Proceeds will be used to develop, operate, and finance oil sands projects.

Based in Glendale, Calif., MCW Energy Group is a holding company with two principal portfolio companies, a fuel distributor and a break-through oil sand recovery venture.

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