/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
ST. JOHN'S, Oct. 15 /CNW/ - NWest Energy Inc. ("NWest" or "the Company"
TSX-V: NWN) proposes to carry out a private placement, on a best efforts
basis, of up to 10 million flow-through shares (the "Flow-Through Common
Shares") at a purchase price of $0.32 per Flow-Through Common Share, for
proceeds of up to $3,200,000 (the "Offering"). The proceeds of the Offering
will be used to increase the size of the Company's proposed 3D seismic
exploration area and for general corporate purposes. Securities issued by way
of the Offering will be subject to a four-month hold period. The Offering is
being led by GMP Securities L.P. and is expected close on or about November
06, 2008. The commission of the Offering is 6%. The Offering is subject to
approval of the TSX Venture Exchange.
The TSX Venture Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
About NWest Energy
NWest Energy is an innovative Canadian junior oil and gas company
developing high-margin frontier basins and legacy assets for long-term,
sustainable value creation. To date, NWest has acquired four properties,
located off the west coast of Newfoundland and Labrador. All properties have
defined seismic targets along with considerable exploration potential to host
large oil and gas reservoirs. Through its exploration licenses, NWest holds
approximately 1.6 million acres of highly prospective property in a
geologically favorable environment for exploration.
For further information:
For further information: François Gauthier, President & Chief Executive
Officer, (709) 722-3757; Chris Flanagan, Sr. Manager, IR & Corp.
Communications, (709) 722-3953; Robert Webb, VP Business Development &
Operations, (709) 722-3959; firstname.lastname@example.org