/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE
CALGARY, Nov. 5, 2013 /CNW/ - Petrowest Corporation (Petrowest) has completed
its previously announced bought-deal offering, including the exercise in full
of the underwriters' over-allotment option. A total of 21,562,500 class A
common shares (Common Shares) have been issued at a price of $0.80 per share
for aggregate gross proceeds of $17,250,000.
The syndicate of underwriters was co-led by Beacon Securities Limited and
Canaccord Genuity Corp. and included Dundee Securities Ltd., GMP Securities
L.P., Cormark Securities Inc. and Paradigm Capital Inc.
The net proceeds from the offering will be used to reduce corporate
indebtedness and for general corporate working capital purposes.
"We are very pleased with the level of investor interest in this financing, as
we believe the strong support of the market clearly underscores our strategy
to be an early participant of the LNG build-out in northeast British
Columbia," said President and Chief Executive Officer, Rick Quigley. "We are
looking forward to putting the new capital to use to strengthen our balance
sheet through debt reduction and enhance our efforts to execute on our long
term contracts and growth initiatives".
This press release is not an offer or a solicitation of an offer of securities
for sale in the United States. The Common Shares have not been and will not be
registered under the U.S. Securities Act of 1933, as amended, and may not be
offered or sold in the United States absent registration or an applicable
exemption from registration.
Petrowest is an Alberta corporation involved in pre-drilling and
post-completion energy services as well as industrial and civil infrastructure
projects, gravel crushing and hauling for non-energy sector customers.
Petrowest's primary operations are based in the Grande Prairie area of
northern Alberta and in northeastern British Columbia.
SOURCE Petrowest Corporation
Please contact Richard Quigley, President and Chief Executive Officer,
at(780) 830-0881, or Ian Hogg, Vice President, Corporate Affairs, at (403)
384-0407, or Lloyd Wiggins,Chief Financial Officer, at (416) 572-2760,
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CO: Petrowest Corporation
NI: OIL NEWSTK
-0- Nov/05/2013 14:16 GMT
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