HALIFAX, May 2, 2014 /CNW/ - NWest Energy Corporation (TSXV: NWN) is pleased to announce that it intends to complete a non-brokered private placement ("Private Placement") of up to 3,333,333 common shares at a price of $0.06 per share for aggregate gross proceeds of $200,000.
Finders will be entitled to a commission in the amount of 6.0% of the gross proceeds received from the sale of the shares ("Finder's Fee").
Net proceeds of the Private Placement will be used for working capital and ongoing operations to identify opportunities for the Company.
The Private Placement is scheduled to close on or before May 29, 2014 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval and acceptance by the TSX Venture Exchange. All securities to be issued pursuant to the private placement will be subject to a four month hold period.
About NWest Energy
NWest Energy Corporation is a TSX Venture Exchange listed Canadian based resource company focused on exploration, acquisition and advancement of Oil and Gas properties.
The TSX Venture Exchange has not reviewed and does not accept 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.
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NWest Energy Corporation
Kevin Aylward B. Comm
Chief Executive Officer