NWest Energy to price C$20 million private placement of equity units

Company plans merger with Caribe Oil to acquire its oil and gas assets

By Devika Patel

Knoxville, Tenn., March 5 - NWest Energy Corp. said it will price a C$20 million brokered private placement of units.

The company will sell units of one common share and one half-share warrant at a price to be determined in the market context.

Proceeds will be used to purchase and explore the oil and gas assets of Caribe Oil & Gas Ltd. and for general working capital. The company also said it plans to merge with Caribe Oil & Gas to form a new company.

NWest is a St. John's, N.L., resource exploration company.

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