Business
Western Energy Services Corp. Announces Closing of Unit Offering
Western Energy Services Corp. Announces Closing of Unit Offering
About this update from Western Energy Services Corp.
[{"type":"text","content":"\n\n\n\nNov. 9, 2009 (Canada NewsWire Group) -- CALGARY, Nov. 9 /CNW/ -- Western Energy Services Corp. (\"Western\") announces that it has closed the previously announced private placement offering of units (\"Unit Offering), consisting of, in the aggregate, $3 million principal amount of convertible secured subordinated debentures and 30 million share purchase warrants. The debentures, the warrants and any common shares issued upon conversion of the debentures or exercise of the warrants will be subject to a hold period until March 7, 2010. Additional details regarding the Unit Offering and the debentures and warrants issued thereby are contained in Western's press release dated August 14, 2009. The approval of the Unit Offering by at least 50.1% of Western's disinterested shareholders, by way of written consents, was received. Western has also closed the restructuring of its senior debt facility with HSBC with such restructured facility providing for a further advance of $1,325,000, an interest only repayment period until December 31, 2009 and a reamortization of the facility for a 48 month period from December 31, 2009. The interest only period had previously been extended to September 30, 2009. The proceeds of the the Unit Offering and restructured senior loan facility were used for retirement of secured, long-term debt in the amount of US$1,406,000 and general corporate purposes.For Further InformationAdditional information relating to the Company is filed on SEDAR at www.sedar.com. Please visit the web site: www.wesc.ca or contact: Jon Garner, Interim President at (403) 782-0017. If you would like to receive future information releases by email please provide your email address to [email protected] news release does not constitute an offer to sell securities, nor is it a solicitation of an offer to buy securities, in any jurisdiction. All sales will be made through registered securities dealers in jurisdictions where the offering has been qualified for distribution. The securities offered are not, and will not be, registered under the securities laws of the United States of America, nor any state thereof and may not be sold in the United States of America absent registration in the United States or the availability of an exemption from such registration.Forward Looking StatementsThis press release contains forward-looking sta...