CALGARY,
AB, Nov. 8, 2023 /CNW/ - (TSXV: CWC) CWC
Energy Services Corp. ("CWC" or the "Company") is pleased to
announce that it has closed its previously announced plan of
arrangement with Precision Drilling Corporation (TSX: PD; NYSE:
PDS) ("Precision") under the Business Corporations Act
(Alberta) (the "Arrangement").
Pursuant to the Arrangement, Precision has acquired all the
issued and outstanding common shares of CWC ("CWC Shares") for
aggregate cash consideration of $13,725,942.66 and an aggregate of 947,807 common
shares of Precision. The CWC Shares are expected to be delisted
from the TSX Venture Exchange on November
10, 2023.
The Arrangement, which was announced on September 7, 2023, was approved by CWC
Shareholders at CWC's special meeting of shareholders held on
November 6, 2023 and CWC obtained a
final order in respect thereof from the Court of King's Bench of
Alberta on November 7, 2023.
Duncan Au, former President and
Chief Executive Officer of CWC, stated, "We are delighted to
complete this strategic business combination with Precision and
wish to thank the overwhelming support of our shareholders in
approving the transaction, which has the size and scale that will
allow for expanded opportunities for our employees, enhanced
services for our customers and CWC shareholder participation in one
of the leading innovative companies in our industry. We look
forward to bringing our teams together and realizing the full
potential of this strategic combination."
Effective November 8, 2023, CWC's
Board of Directors and senior management team have resigned from
their respective positions with the Company. CWC would like
to thank the Board of Directors and senior management team for
their dedication and many years of service to the Company and wish
them all success in their future endeavors.
About CWC Energy Services Corp.
CWC Energy Services Corp. is a premier contract drilling and
well servicing company operating in Canada and the
United States with a complementary suite of oilfield
services including drilling rigs and service rigs. The Company's
corporate office is located in Calgary,
Alberta with operational locations in Nisku, Grande
Prairie, Slave Lake,
Sylvan Lake, Drayton Valley, Lloydminster, Provost and Brooks,
Alberta and U.S. offices in Denver, Colorado and Casper, Wyoming. The Company's shares traded
on the TSX Venture Exchange under the symbol "CWC".
READER ADVISORY - 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.
SOURCE CWC Energy Services Corp.