HALIFAX, June 24, 2014 /CNW/ - NWest Energy Corp. (TSXV: NWN) is pleased to announce that it has closed the first tranche of its over-subscribed non – brokered private placement ("Private Placement ") previously announced on May 2, 2014 and amended on June 12, 2014. The Company has received subscriptions for a total of 4,704,114 Units ("Units") at a price of $0.06 per Unit, with each Unit consisting of one common share in the capital of the Company (a "Common Share") and one non-transferable common share purchase warrant (a "Warrant"). Each Warrant entitles the holder thereof to acquire one Common Share at a price of $0.10 per Common Share for a period of 24 months. Pursuant to the first tranche closing, the Company issued 2,604,114 Units for gross proceeds of $156,246.84 and expects to close a second tranche of 2,100,000 Units on June 24, 2014 for aggregate gross proceeds of $282,246.86.
Finders responsible for the introduction of certain investors to the Private Placement are entitled to a finder's fee in the amount of 6% of the gross proceeds received from the sales of Units to such investors and 6% Warrants.
Net proceeds to be used for working capital and pursuing new opportunities.
The Private Placement is subject to final acceptance by the TSX Venture Exchange. All securities issued will be subject to a four month hold period.
About NWest Energy Corp.
NWest Energy Corp. is a TSX Venture Exchange listed, Canadian based resource company focused on exploration, acquisition and advancement of oil and gas properties.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release includes "forward-looking information" including statements regarding the Private Placement that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Statements regarding future fund raising and capital expenditures are subject to all of the risks and uncertainties normally incident with the raising of capital including, but are not limited to, financing risks and risk of regulatory change. Investors are cautioned that any such statements are not guarantees of future events and that actual events or developments may differ materially from those projected in the forward-looking information. Such forward-looking information represents management's best judgment based on information currently available. The Company does not assume the obligation to update any forward-looking statement, except as required by applicable law.
For more information on the Company and the risk factors inherent in its business, investors should review the Company's Annual Information Form at www.sedar.com.
SOURCE: NWest Energy Corp.
For further information: Kevin Aylward B. Comm, CEO /President, NWest Energy Corp., 902 405 - 4751, [email protected]