CALGARY, Alberta, Dec. 14, 2017 (GLOBE NEWSWIRE) -- Brookfield Capital Partners Ltd. and certain of its affiliates (“Brookfield Capital”) announced today that it has acquired 122,577,318 common shares (“Common Shares”) of CWC Energy Services Corp. (TSXV:CWC) (“CWC” or the “Corporation”) in connection with the rights offering (the “Rights Offering”) announced by CWC on October 30, 2017, as described in CWC’s rights offering circular dated October 30, 2017.
94,628,702 Common Shares were acquired by Brookfield Capital pursuant to Brookfield Capital’s basic subscription privilege and 27,948,616 Common Shares were acquired by Brookfield Capital pursuant to Brookfield Capital’s additional subscription privilege. Brookfield Capital acquired the Common Shares at a price of $0.20 per Common Share for total consideration of approximately $24.5 million.
Immediately prior to the completion of the Rights Offering, Brookfield Capital owned, directly or indirectly, 283,886,106 Common Shares. Following completion of the Rights Offering, Brookfield Capital beneficially owns, directly or indirectly, 406,463,424 Common Shares, representing an increase in Brookfield Capital’s ownership percentage from approximately 73% to approximately 78% of the issued and outstanding Common Shares.
CWC is a premier contract drilling and well servicing company operating in the Western Canadian Sedimentary Basin with a complementary suite of oilfield services including drilling rigs, service rigs, swab rigs and coil tubing. CWC’s head office address is 610, 205 – 5th Avenue S.W., Calgary, Alberta T2P 2V7.
Brookfield Capital acquired the Common Shares of CWC for investment purposes. Brookfield Capital intends to review, on a continuous basis, various factors related to its investment, including (but not limited to) the price and availability of the securities of the Corporation, subsequent developments affecting the Corporation or its business, and general market and economic conditions. Based upon these and other factors, Brookfield Capital may decide to purchase additional securities of the Corporation or may decide in the future to sell all or part of its investment.
For additional information and to obtain a copy of the early warning report filed by Brookfield Capital under applicable Canadian securities laws in connection with the transactions hereunder, please see the Corporation’s profile on the SEDAR website www.sedar.com or contact Dean Schultz at:
Dean Schultz
Brookfield Capital Partners Ltd.
c/o Suite 1700, 335 – 8th Avenue S.W.
Calgary Alberta T2P 1C9
Tel: (403) 770-7217
Neither 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.
About Brookfield Capital Partners Ltd.
Brookfield Capital Partners Ltd. was established by Brookfield Asset Management Inc. to provide long-term capital and strategic assistance to mid-market companies based in North America. It seeks investment opportunities in industries in which Brookfield has significant operating expertise or a competitive advantage, including in the industrial products, building materials, metals and mining, homebuilding, forest products, oil and gas and manufacturing sectors. Brookfield Capital Partners Ltd. is a private equity affiliate of Brookfield Asset Management, a leading global alternative asset manager with over $265 billion of assets under management.
NOTE: The statements in this press release concerning Brookfield Capital’s future intentions regarding Brookfield Capital’s investment in CWC Energy Services Corp.’s Common Shares may contain forward-looking information and other “forward looking statements”, within the meaning of certain securities laws and in any applicable Canadian securities regulations. Forward looking statements are identified by words such as, but not limited to, “could”, “may”, and “will”. Readers are cautioned that actual results may vary from the forward-looking information contained herein. We may make such statements in this release, in other filings with Canadian regulators or in other communications. The reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors.