By Devika Patel
Knoxville, Tenn., May 2 - New West Energy Services Inc. said it plans a C$1.5 million private placement of subscription receipts.
The company will sell 30 million receipts at C$0.05 apiece.
Each receipt will convert into one common share and one warrant. Each warrant will be exercisable at C$0.10 for three years.
Based in Calgary, Alta., New West Energy Services provides engineering services to oil and gas exploration and production companies.
| Issuer: | New West Energy Services Inc.
|
| Issue: | Subscription receipts
|
| Amount: | C$1.5 million
|
| Receipts: | 30 million
|
| Price: | C$0.05
|
| Warrants: | One warrant per receipt upon conversion
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.10
|
| Pricing date: | May 2
|
| Stock symbol: | TSX Venture: NWE
|
| Stock price: | C$0.06 at close April 30
|
| Market capitalization: | C$3.49 million
|
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