/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
CALGARY, April 1 /CNW/ - Western Energy Services Corp. (TSXV: WRG)
("Western" or the "Company") is pleased to announce that with respect
to its recently closed bought deal common share offering (the
"Offering"), the syndicate of underwriters co-led by Cormark Securities
Inc. and RBC Capital Markets and including Raymond James Ltd., Peters &
Co. Limited, AltaCorp Capital Inc., FirstEnergy Capital Corp., and HSBC
Securities (Canada) Inc. (collectively, the "Underwriters"), have
exercised the full over-allotment option (the "Option") granted to
them. Pursuant to the Option, the Underwriters have acquired an
additional 28,875,000 common shares of Western at a price of $0.390 per
share for additional gross proceeds to Western of approximately $11.3
million bringing the aggregate gross proceeds of the Offering to
approximately $86.3 MM.
The net proceeds of the offering will be used for the repayment of debt,
for future acquisitions and for general corporate purposes.
The securities offered 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 applicable exemption
from the registration requirements. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy nor
shall there be any sale of the securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful.
Neither the TSXV nor its Regulation Services Provider (as that term is
defined in the policies of the TSXV) accepts responsibility for the
adequacy or accuracy of this release.
ADVISORY: This press release contains forward looking statements which may include
statements concerning completion of any proposed acquisitions, capital
programs, debt, funds flow from operations and the anticipated use of
the net proceeds of the offering. Although Western believes that the
expectations reflected in these forward looking statements are
reasonable, undue reliance should not be placed on them because Western
can give no assurance that they will prove to be correct. Since
forward looking statements address future events and conditions, by
their very nature they involve inherent risks and uncertainties. Any
proposed acquisition may not be completed if required approvals or some
other condition to closing is not satisfied. Accordingly, there is a
risk that any proposed acquisition will not be completed within the
anticipated time or at all. The intended use of the net proceeds of
the offering by Western might change if the board of directors of
Western determines that it would be in the best interests of Western to
deploy the proceeds for some other purpose.
The forward looking statements contained in this press release are made
as of the date hereof and Western undertakes no obligations to update
publicly or revise any forward looking statements or information,
whether as a result of new information, future events or otherwise,
unless so required by applicable securities laws.
The TSX Venture Exchange has neither approved nor disapproved the
contents of this press release.
SOURCE Western Energy Services Corp.
For further information:
Western Energy Services Corp.
900, 606 - 4th Street SW