Deal funds expenditures at oil sands plant facility in Asphalt Ridge
By Devika Patel
Knoxville, Tenn., Oct. 14 – MCW Energy Group Ltd. said it completed a C$1.1 million private placement of secured debentures with two lenders.
The 12% debentures are due on Oct. 15, 2017.
The investors also received warrants for 500,000 shares. The warrants are each exercisable at C$1.00 until Oct. 10, 2017. The strike price is a 28.21% premium to the Oct. 10 closing share price of C$0.78.
Proceeds will be used for capital expenditures at the company’s oil sands plant facility in Asphalt Ridge, Utah, as well as for working capital.
Based in Toronto, MCW is a distributor of gasoline and diesel fuels to service stations in Southern California.
| Issuer: | MCW Energy Group Ltd.
|
| Issue: | Secured debentures
|
| Amount: | C$1.1 million
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| Maturity: | Oct. 15, 2017
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| Coupon: | 12%
|
| Warrants: | For 500,000 shares
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| Warrant expiration: | Oct. 10, 2017
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| Warrant strike price: | C$1.00
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| Pricing date: | Oct. 14
|
| Stock symbol: | TSX Venture: MCW
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| Stock price: | C$0.78 at close Oct. 10
|
| Market capitalization: | C$33.84 million
|
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