By Devika Patel
Knoxville, Tenn., June 9 - New West Energy Services Inc. said it completed a C$1.71 million private placement of subscription receipts. The oversubscribed deal priced for C$1.5 million on May 2.
The company sold 34.14 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.
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Issue: | Subscription receipts
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Amount: | C$1,707,000
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Receipts: | 34.14 million
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Price: | C$0.05
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Warrants: | One warrant per receipt upon conversion
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Warrant expiration: | Three years
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Warrant strike price: | C$0.10
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Pricing date: | May 2
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Settlement date: | June 9
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Stock symbol: | TSX Venture: NWE
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Stock price: | C$0.06 at close April 30
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Market capitalization: | C$2.91 million
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