CALGARY, July 5, 2018 /CNW/ - New West Energy Services Inc. (TSXV: NWE), an oil and gas and environmental services company focused on Western Canada, today announced that it has entered into agreements with William A. Rand, the company's Lead Director and largest shareholder, and Andrew Johns, an investor and shareholder of NWE, whereby Messrs. Rand and Johns will provide loans to NWE in the amount of $200,000 and $150,000, respectively. The loans will have a term of 15 months and bear interest at a rate of 8% per annum calculated and compounded monthly.
As partial consideration for providing the loans, NWE will issue to Messrs. Rand and Johns 571,429 and 428,571 common shares, respectively, pursuant to TSX Venture Exchange ("TSXV") Policy 5.1 – Loans, Loan Bonuses, Finder's Fees and Commissions. The providing of the loans and issuance of the common shares will be subject to NWE receiving all necessary prior approvals from the TSXV. All common shares issued to Messrs. Rand and Johns will be subject to a hold period of four months and a day.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE New West Energy Services Inc.
For further information: Gerry E. Kerkhoff, New West Energy Services Inc., President & Chief Executive Officer, Phone - 403.984.9798 or 1.888.977.2327 (BEAR), Fax - 403.984.9799, Email - [email protected]