CALGARY, Jan. 15, 2018 /CNW/ - On January 12, 2018, MATCO Investments Ltd. ("MATCO") acquired beneficial ownership and control of an aggregate of 2,508,800 common shares ("Common Shares") in the capital of Western Energy Services Corp. (the "Corporation") through the facilities of the Toronto Stock Exchange for an aggregate price of $3,311,616, representing an average purchase price of $1.32 per Common Share. Ronald P. Mathison ("Mathison") is the President, Chief Executive Officer and sole shareholder of MATCO.
Immediately prior to these acquisitions, Mathison and MATCO beneficially owned and/or controlled an aggregate of 9,124,985 Common Shares, 47,450 options to purchase Common Shares (the "Options") and 12,322 restricted share units which may be settled through the issue of Common Shares (the "Restricted Share Units"). If all of the Options were exercised and all Restricted Share Units were redeemed, Mathison and MATCO would have then owned and/or had control or direction over 9,184,757 Common Shares, representing approximately 9.96% of the then issued and outstanding Common Shares (assuming no other Common Shares have been issued by the Corporation). Immediately following these acquisitions, Mathison and MATCO beneficially own and control an aggregate of 11,633,785 Common Shares, 47,450 Options and 12,322 Restricted Share Units. Immediately following these acquisitions, if all of the Options were exercised and all Restricted Share Units were redeemed, Mathison and MATCO would then own and/or have control or direction over 11,693,557 Common Shares, representing approximately 12.68% of the then issued and outstanding Common Shares (assuming no other Common Shares have been issued by the Corporation).
The acquisition of Common Shares by MATCO was made for investment purposes. Subject to applicable law, Mathison and MATCO may from time to time dispose of, or acquire, additional securities of the Corporation.
The Corporation is located at 1700, 215 – 9th Avenue S.W. Calgary, Alberta T2P 1K3. Mathison and MATCO are located at 4900, 525 – 8th Avenue S.W., Calgary, Alberta, T2P 1G1. This press release is issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also requires a report to be filed with regulatory authorities in each of the jurisdictions in which the Corporation is a reporting issuer containing information with respect to the foregoing matters (the "Early Warning Report"). A copy of the Early Warning Report will appear with the Corporation's documents on the System for Electronic Document Analysis and Retrieval and may be obtained upon request from Ryan Jennings at (403) 294-0101.
SOURCE MATCO Investments Ltd.
For further information: Ryan Jennings, (403) 294-0101