HALIFAX, June 12, 2014 /CNW/ - NWest Energy Corp. (the "Company") (TSXV: NWN) announces that it has amended the terms of the non-brokered private placement (the "Private Placement") previously announced on May 1, 2014. The Private Placement will now consist of units ("Units") consisting of one common share in the capital of the Company (each a "Common Share") and one warrant to purchase a Common Share (each, a "Warrant"). The Company will offer up to 4,853,333 Units at a price of $0.06 per Unit for aggregate gross proceeds of up to $275,000. Each Warrant will entitle the holder thereof to acquire one Common Share at a price of $0.10 per Common Share for a period of 24 months from the date of closing of the Private Placement.
Finders will be entitled to a commission consisting of (i) a payment in cash equal to 6.0% of the gross proceeds received from the sale of the Units to a subscriber identified by such finder and (ii) that number of warrants ("Finder's Warrants") which is equal to 6.0% of the gross proceeds from the sale of Units to a subscriber identified by such finder divided by the exercise price of a Finder's Warrant. The Finder's Warrants will be exercisable on the same terms as the Warrants.
Net proceeds of the Private Placement will be used for working capital and ongoing operations to identify opportunities for the Company.
The Private Placement is expected to close on or about June 18, 2014 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval and acceptance by the TSX Venture Exchange. All securities to be issued pursuant to the Private Placement will be subject to a hold period of four months and one day from the closing of the Private Placement.
About NWest Energy Corp.
NWest Energy Corp. is a TSX Venture Exchange listed, Canadian based resource company focused on exploration, acquisition and advancement of oil and gas properties.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release includes "forward-looking information" including statements regarding the Private Placement that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Statements regarding future fund raising and capital expenditures are subject to all of the risks and uncertainties normally incident with the raising of capital including, but are not limited to, financing risks and risk of regulatory change. Investors are cautioned that any such statements are not guarantees of future events and that actual events or developments may differ materially from those projected in the forward-looking information. Such forward-looking information represents management's best judgment based on information currently available. The Company does not assume the obligation to update any forward-looking statement, except as required by applicable law.
For more information on the Company and the risk factors inherent in its business, investors should review the Company's Annual Information Form at www.sedar.com.
SOURCE: NWest Energy Corp.
For further information: NWEst Energy Corp., Kevin Aylward B. Comm, Chief Executive Officer, (902) 405-4751, (709) 693-0080