/NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
CALGARY, Nov. 9 /CNW/ - Western Energy Services Corp. ("Western") announces that it has closed the previously announced private placement offering of units ("Unit Offering), consisting of, in the aggregate, $3 million principal amount of convertible secured subordinated debentures and 30 million share purchase warrants. The debentures, the warrants and any common shares issued upon conversion of the debentures or exercise of the warrants will be subject to a hold period until March 7, 2010. Additional details regarding the Unit Offering and the debentures and warrants issued thereby are contained in Western's press release dated August 14, 2009. The approval of the Unit Offering by at least 50.1% of Western's disinterested shareholders, by way of written consents, was received. Western has also closed the restructuring of its senior debt facility with HSBC with such restructured facility providing for a further advance of $1,325,000, an interest only repayment period until December 31, 2009 and a reamortization of the facility for a 48 month period from December 31, 2009. The interest only period had previously been extended to September 30, 2009. The proceeds of the the Unit Offering and restructured senior loan facility were used for retirement of secured, long-term debt in the amount of US$1,406,000 and general corporate purposes.
For Further Information
Additional information relating to the Company is filed on SEDAR at www.sedar.com. Please visit the web site: www.wesc.ca or contact: Jon Garner, Interim President at (403) 782-0017. If you would like to receive future information releases by email please provide your email address to email@example.com
This news release does not constitute an offer to sell securities, nor is it a solicitation of an offer to buy securities, in any jurisdiction. All sales will be made through registered securities dealers in jurisdictions where the offering has been qualified for distribution. The securities offered are not, and will not be, registered under the securities laws of the United States of America, nor any state thereof and may not be sold in the United States of America absent registration in the United States or the availability of an exemption from such registration.
Forward Looking Statements
This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws and necessarily involve risks associated with the oil and gas energy services industry, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, volatility of commodity prices, currency fluctuations, environmental risks and competition from other energy services providers. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. The forward-looking statements and information are based on certain key expectations and assumptions made by Western, including assumptions concerning the state of the economy and energy services business and its expected direction, which expectations and assumptions management of Western believes to be reasonable at this time. Although Western believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable at the date of this press release, undue reliance should not be placed on the forward looking statements and information as Western can give no assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks, including the failure to obtain required regulatory approvals and others. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements and information contained in this press release are made as of the date hereof and Western undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Neither 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 Western Energy Services Corp.
For further information: For further information: Please visit the web site: www.wesc.ca or contact: Jon Garner, Interim President at (403) 782-0017