CALGARY, June 27, 2018 /CNW/ - New West Energy Services
Inc. (TSXV: NWE), an oil and gas and environmental services
company focused on Western Canada,
today announced the closing of a previously announced agreement
between NWE and its primary capital and equipment financing
partner, Nations Equipment Finance of Norwalk, Connecticut, whereby Nations has
acquired an equity stake in NWE.
Pursuant to the terms of the agreement, NWE issued to Nations
11,753,676 common shares in lieu of the repayment of $1,175,367.62 owing by NWE to Nations, and NWE
replaced certain three-year warrants to purchase 1,200,000 common
shares previously held by Nations with five-year warrants on the
same terms.
As a result of the acquisition of the common shares, Nations
holds approximately 27 percent of NWE's common shares, and
assuming the exercise of the warrants, Nations holds approximately
29 percent of NWE's outstanding common shares. NWE's largest
shareholder and Lead Director, William A.
Rand, holds beneficially approximately 31 percent of
NWE's outstanding common shares.
Under the agreement, Nations will have observer status on the
NWE board of directors for so long as it beneficially owns more
than 15% of the outstanding common shares of NWE.
All securities issued to Nations are subject to a hold period of
four months and one day.
About Nations Equipment Finance
Nations was founded in September
2010 by former GE Capital equipment finance professionals.
Their team has collectively over 200 years of experience and has
worked together for nearly 20 years. During that time, they have
originated and managed multi-billion dollar portfolios of equipment
lease and term loan investments in various industries and
collateral types. Nations' head office is in Norwalk, Connecticut. For more information see
www.nationsequipmentfinance.com.
About New West Energy Services
NWE is a recognized leader in Western
Canada in comprehensive waste management and environmental
services, including transportation and disposal, in the drilling,
completions and production sectors of the oil and gas
industry. NWE management and senior operations personnel have
collectively over 100 years of experience in energy services and
have worked together for over 20 years. The company operates
through its main service centres in Grande Prairie and Medicine Hat, Alberta, and has its head office
in Calgary, Alberta. For more
information see www.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.
SOURCE New West Energy Services Inc.
