CALGARY, July 12 /CNW/ - Mr. Rick Quigley of Charlie Lake, British Columbia ("Quigley"), announces he has acquired direct ownership of 6,604,246 units (the "Units") of Petrowest Energy Services Trust (the "Trust") (TSX: "PRW.UN") through two acquisitions. The acquisitions were pursuant to the recently completed rights offering of the Trust qualified by a prospectus dated May 26, 2010. Quigley acquired ownership of 3,195,338 Units through exercise of rights at a price of $0.14 per unit and an additional 3,408,908 Units pursuant to Quigley's stand-by commitment at a price of $0.14 per unit. In addition, pursuant to the terms of the stand-by commitment, the Trust issued to Quigley 760,238 warrants (the "Warrants"), each Warrant entitling the holder thereof to purchase one additional Unit for $0.1879 per Unit expiring on June 29, 2011.
Mr. Quigley now beneficially owns, controls or has direction over, directly or indirectly, an aggregate of 8,500,182 Units, representing 9.96% of the Trust's outstanding voting securities, not including any Units that may be issued pursuant to the exercise of Warrants.
Mr. Quigley acquired the Units for investment purposes and may, depending on market and other conditions, increase or decrease his beneficial ownership, control or direction over the Units, through market transactions, treasury issuances, exercise of convertible securities or otherwise.
SOURCE MR. RICK QUIGLEY
For further information: For further information: Rick Quigley at 250-787-0254