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CALGARY, Oct. 1 /CNW/ - Western Energy Services Corp. ("Western" or the "Company") announced today the completion of a previously announced (see news release dated August 30, 2007) non-brokered equity private placement (the "Private Placement"), with closing being effective September 28, 2007. Western has increased the amount raised to C$6,000,000 through the issuance of 60 million units ("Units"), priced at $0.10 per Unit. Each Unit comprises one common share and one-half of one non-transferable common share purchase warrant. Each whole warrant entitles the holder to acquire one common share of the Company at $0.16 for a period of 18 months from the date of issuance. The Units are subject to a four-month hold period from the date of issuance expiring on January 29, 2008. The use of proceeds from the placement is to retire approximately $5.5 million of Western's subordinated secured debt and the balance to be used for selected capital expenditures.
Western is an oil field services company trading on the TSX Venture Exchange in Canada under the symbol "WSV". Western is active in Canada, Texas and Latin America.
Forward-Looking Information
This release contains certain forward-looking statements related but not limited to the Company's expectations, intentions, plans and beliefs. Investment advisors, shareholders and potential investors are cautioned not to place undue reliance on forward-looking information which by its nature involves assumptions, risks and uncertainties, both general and specific, that contribute to the possibilities that predictions, projections, forecasts and future events will not occur. Consequently, actual results could differ materially from the expectations expressed in these forward-looking statements. The Company does not assume any responsibility to update this information for events subsequent to its preparation.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.