Central Alberta Well Services cancels C$10 million private placement

By Sheri Kasprzak

New York, Sept. 25 - Central Alberta Well Services Corp. has terminated its plans to raise C$10 million in a private placement.

The company also announced that its credit facility from Brookfield Bridge Lending Fund Inc. has been expanded to C$35 million from C$21 million. The term of the facility has been extended to April 30, 2007.

The terms of the private placement were never released.

The financing was set to be placed through a syndicate of agents led by Dundee Securities Corp. and including Westwind Partners Inc. and Wolverton Capital Markets.

Calgary, Alta.-based Central Alberta provides oilfield services like well servicing and coil tubing to the oil and gas exploration sector.

The stock lost a penny to close at C$0.93 Monday (TSX Venture: CWC).

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