CALGARY, Alberta, Nov. 06, 2017 (GLOBE NEWSWIRE) -- New West Energy Services Inc. (TSX-V:NWE), an oil and gas and environmental services company focused on Western Canada, today announced that it has entered into a settlement agreement with William A. Rand, the company’s Lead Director and largest shareholder, in respect of $750,000 owing to Mr. Rand by NWE.
Under the agreement, Mr. Rand agrees to accept 7.5 million NWE common shares at a deemed value of $0.10 per share in lieu of the repayment of the above-noted debt. Mr. Rand is currently the beneficial owner of 25 percent of NWE’s outstanding common shares. Assuming the closing of the shares for debt settlement, Mr. Rand would be the beneficial owner of 43 percent of NWE’s outstanding common shares.
The closing of the settlement is subject to the approval of the TSX Venture Exchange and all shares issued to Mr. Rand will be subject to a hold period of four months and one day.
Contact:
Gerry E. Kerkhoff
New West Energy Services Inc.
President & Chief Executive Officer
Phone - 403.984.9798 or 1.888.977.2327 (BEAR)
Fax - 403.984.9799
Email - gkerkhoff@newwestenergyservices.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.