/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES/
CALGARY, Oct. 1 /CNW/ - Western Energy Services Corp. ("Western" or the
"Company") announced today the completion of a previously announced (see news
release dated August 30, 2007) non-brokered equity private placement (the
"Private Placement"), with closing being effective September 28, 2007. Western
has increased the amount raised to C$6,000,000 through the issuance of
60 million units ("Units"), priced at $0.10 per Unit. Each Unit comprises one
common share and one-half of one non-transferable common share purchase
warrant. Each whole warrant entitles the holder to acquire one common share of
the Company at $0.16 for a period of 18 months from the date of issuance. The
Units are subject to a four-month hold period from the date of issuance
expiring on January 29, 2008. The use of proceeds from the placement is to
retire approximately $5.5 million of Western's subordinated secured debt and
the balance to be used for selected capital expenditures.
Western is an oil field services company trading on the TSX Venture
Exchange in Canada under the symbol "WSV". Western is active in Canada, Texas
and Latin America.
This release contains certain forward-looking statements related but not
limited to the Company's expectations, intentions, plans and beliefs.
Investment advisors, shareholders and potential investors are cautioned not to
place undue reliance on forward-looking information which by its nature
involves assumptions, risks and uncertainties, both general and specific, that
contribute to the possibilities that predictions, projections, forecasts and
future events will not occur. Consequently, actual results could differ
materially from the expectations expressed in these forward-looking
statements. The Company does not assume any responsibility to update this
information for events subsequent to its preparation.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Additional information relating to the Company
is filed on SEDAR at www.sedar.com. Please visit the web site: www.wesc.ca or
contact: Jim McQuarrie, President & CEO, (403) 266-0667. If you would like to
receive future information releases by email please provide your email address