Business
Western Canada Energy Ltd. Files Notice of Intention
Western Canada Energy Ltd. Files Notice of Intention
About this update from Wescan Energy Corp.
[{"type":"text","content":"\nWestern Canada Energy Ltd. Files Notice of Intention\n\n\n Feb. 26, 2010 (Filing Services Canada) -- Western Canada Energy Inc. (WCE - TSX Venture), (the \"Company\") has entered into a Letter of Intent with Shoreline Energy Fund under which Shoreline will acquire the assets or shares of the Company for a combination of cash and Units of Shoreline totalling $5.55 million. This amount includes $3.90 million in cash and 14,000 units of Shoreline, valued at $100 per unit, available for distribution to stakeholders pursuant to a plan of arrangement or compromise.The Company has also filed a Notice of Intention to make a proposal to creditors under the Bankruptcy and Insolvency Act, (BIA). This action was deemed necessary in order to develop the plan of arrangement or compromise necessary to implement the Shoreline transaction. Alger and Associates Inc. has been retained by the Company to oversee the BIA process.Certain statements contained herein constitute forward-looking statements. The use of any of the words \"anticipate\", \"continue\", \"estimate\", \"expect\", \"may\", \"will\", \"project\", \"should\", \"believe\", and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Corporation believes the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this report should not be unduly relied upon. These statements speak only as of the date of this presentation. The Corporation does not undertake any obligation to publicly update or revise any forward-looking statements.THE TSX VENTURE EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED THE INFORMATION CONTAINED HEREIN AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.\tFOR FURTHER INFORMATION CONTACT:  Ronald W. Shepherd, President and Chief Financial Officer, or Daniel P. O'Neill, Chief Executive Officer, Western Canada Energy Ltd., 1000, 635 - 8th Avenue S.W., Calgary, Alberta, T2P 3M3, Telephone: (403) 266- 0955 Fax: (403) 266-1955Source: Western Canada Energy Ltd. (WCE - TS...