Canyon Services Group Inc. announces closing of its previously announced
prospectus offering and concurrent private placement and appointment of
Douglas Freel to the Board of Directors
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
Canyon intends to use the proceeds of the Offering and Concurrent Private Placement to fund the Company's capital program, to temporarily reduce bank indebtedness and for general corporate purposes.
In connection with the Concurrent Private Placement, Canyon entered into an investment rights agreement (the "Investment Rights Agreement") with the limited partnerships comprising ARC Energy Fund 6. Pursuant to the Investment Rights Agreement,
Advisory: This news release contains forward-looking statements that are based on Canyon's current expectations, estimates, projections and assumptions. In particular, this news release contains forward-looking information and statements concerning the expected use of the proceeds of the Offering and Concurrent Private Placement and future capital expenditures. Although Canyon believes that the material factors, expectations and assumptions reflected in these forward-looking statements are reasonable, no assurance can be given that these factors, expectations and assumptions will prove to be correct.
The forward-looking statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such information and statements involve a number of known and unknown risks and uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in the forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof and Canyon 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.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities of the Company within the
For further information: Brad Fedora, President, Phone: (403) 290-2491; Barry O'Brien, Vice President, Finance and CFO, Phone: (403) 290-2478
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