/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./
NORWALK, CT, June 27, 2018 /CNW/ - This press release is being disseminated as required by National Instrument 62-103 The Early Warning System and Related Take Over Bid and Insider Reporting Issues in connection with the filing of an early warning report regarding the acquisition by Nations Fund I, LLC ("Nations") of common shares and warrants to purchase common shares of New West Energy Services Inc. ("NWE").
Pursuant to the terms of a settlement agreement between Nations and NWE, Nations acquired 11,753,676 common shares of NWE in lieu of the repayment of $1,175,367.62 owing by NWE to Nations, and NWE replaced certain three-year warrants to purchase 1,200,000 common shares of NWE previously held by Nations with five-year warrants on the same terms.
The 11,753,676 common shares acquired by Nations represent approximately 27.4 percent of NWE's issued and outstanding common shares. The 11,753,676 common shares and warrants to purchase 1,200,000 common shares represent, assuming the exercise of those warrants, approximately 29.4 percent of NWE's issued and outstanding common shares.
Prior to this acquisition, Nations' only ownership of NWE securities was that of the above referenced three-year warrants, which represents, assuming the exercise of those warrants, approximately 2.8 percent of NWE's issued and outstanding common shares.
While Nations currently has no plans for the securities, it may, depending on market and other conditions, acquire additional common shares through exercise of the warrants, or otherwise, may sell all or some portion of the common shares, or may continue to hold the common shares and warrants. A copy of the corresponding early warning report has been filed and is available on NWE's SEDAR profile, at www.sedar.com or by contacting the person noted below.
SOURCE New West Energy Services Inc.
For further information: Susan O'Donovan, CFO, Nations Equipment Finance, 501 Merritt Seven, Norwalk, CT, 06851, Phone - 203.229.2220, Email - [email protected]