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WESTERN ENERGY SERVICES CORP. FILES PRELIMINARY PROSPECTUS FOR RIGHTS OFFERING
WESTERN ENERGY SERVICES CORP. FILES PRELIMINARY PROSPECTUS FOR RIGHTS OFFERING ...
About this update from Western Energy Services Corp.
[{"type":"text","content":"\n \n \n \n WESTERN ENERGY SERVICES CORP. FILES PRELIMINARY PROSPECTUS FOR RIGHTS OFFERING\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n March 30, 2022\n \n \n /CNW/ - Western Energy Services Corp. (the \"\n \n Company\n \n \" or \"\n \n Western\n \n \") (TSX: WRG) announces that it has filed a preliminary short form prospectus (the \"\n \n Preliminary Prospectus\n \n \") with the securities regulatory authorities in all the provinces of\n \n Canada\n \n with respect to a proposed rights offering to its shareholders to raise\n \n $31.5 million\n \n (the \"\n \n Rights Offering\n \n \"). The Company has also concurrently filed a registration statement on Form F-7 with the United States Securities and Exchange Commission in\n \n the United States\n \n relating to the Rights Offering.\n \n \n As described in the Company's press release dated\n \n March 22, 2022\n \n , the Company has entered into a debt restructuring agreement (the \"\n \n Debt Restructuring Agreement\n \n \") with Alberta Investment Management Corporation. (\"\n \n AIMCo\n \n \"), the lender under its second lien term loan facility (the \"\n \n Second Lien Facility\n \n \"), with respect to a debt restructuring transaction (the \"\n \n Restructuring Transaction\n \n \") which includes the conversion of\n \n $100 million\n \n of the principal amount outstanding under the Second Lien Facility into common shares of the Company (the \"\n \n Common Shares\n \n \") and an extension of the maturity date of the Second Lien Facility to the fourth anniversary of the closing date of the Restructuring Transaction. Additional information regarding the Restructuring Transaction and the transactions related thereto is included in the Company's\n \n March 22, 2022\n \n press release and in the Preliminary Prospectus.\n \n \n As a condition to the completion of the Restructuring Transaction, the Company is required to complete the Rights Offering to its shareholders to raise proceeds of\n \n $31.5 million\n \n . Under the Rights Offering, ...