Company sells 33,333,333 shares at C$0.03 apiece in non-brokered deal
By Devika Patel
Knoxville, Tenn., April 27 – New West Energy Services Inc. said it raised C$20,000 in the second tranche of a C$1 million non-brokered private placement of stock. The deal priced on April 11 and raised C$623,313 on April 18.
The company is selling 33,333,333 common shares at C$0.03 per share, which is a 25% discount to the April 8 closing share price of C$0.04. It sold 20,777,112 shares in the first tranche and 666,667 shares in the second.
Proceeds will be used to repay $200,000 of bank debt, for equipment purchases and up to $85,000 of financing and general operational purposes.
Based in Calgary, Alta., New West Energy Services provides engineering services to oil and gas exploration and production companies.
| Issuer: | New West Energy Services Inc.
|
| Issue: | Common shares
|
| Amount: | C$1 million
|
| Shares: | 33,333,333
|
| Price: | C$0.03
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | April 11
|
| Settlement dates: | April 18 (for C$623,313), April 27 (for C$20,000)
|
| Stock symbol: | TSX Venture: NWE
|
| Stock price: | C$0.04 at close April 8
|
| Market capitalization: | C$3.87 million
|
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