Business
Western Energy Services Corp. closes C$6 million Private Placement Unit Offering; proceeds to retire Subordinated Debt
Western Energy Services Corp. closes C$6 million Private Placement Unit Offering; proceeds to retire Subordinated Debt.
About this update from Western Energy Services Corp.
[{"type":"text","content":"\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES/\n\n\nCALGARY, Oct. 1 /CNW/ - Western Energy Services Corp. ("Western" or the\n"Company") announced today the completion of a previously announced (see news\nrelease dated August 30, 2007) non-brokered equity private placement (the\n"Private Placement"), with closing being effective September 28, 2007. Western\nhas increased the amount raised to C$6,000,000 through the issuance of\n60 million units ("Units"), priced at $0.10 per Unit. Each Unit comprises one\ncommon share and one-half of one non-transferable common share purchase\nwarrant. Each whole warrant entitles the holder to acquire one common share of\nthe Company at $0.16 for a period of 18 months from the date of issuance. The\nUnits are subject to a four-month hold period from the date of issuance\nexpiring on January 29, 2008. The use of proceeds from the placement is to\nretire approximately $5.5 million of Western's subordinated secured debt and\nthe balance to be used for selected capital expenditures.\n\n\nWestern is an oil field services company trading on the TSX Venture\nExchange in Canada under the symbol "WSV". Western is active in Canada, Texas\nand Latin America.\n\n\nForward-Looking Information\n\n\nThis release contains certain forward-looking statements related but not\nlimited to the Company's expectations, intentions, plans and beliefs.\nInvestment advisors, shareholders and potential investors are cautioned not to\nplace undue reliance on forward-looking information which by its nature\ninvolves assumptions, risks and uncertainties, both general and specific, that\ncontribute to the possibilities that predictions, projections, forecasts and\nfuture events will not occur. Consequently, actual results could differ\nmaterially from the expectations expressed in these forward-looking\nstatements. The Company does not assume any responsibility to update this\ninformation for events subsequent to its preparation.\n\n\nThe TSX Venture Exchange does not accept responsibility for the adequacy\n\n\nor accuracy of this release.\n\n\n","length":2185,"tagName":"div"}]