CALGARY, Alberta, Nov. 23, 2017 (GLOBE NEWSWIRE) — New West Energy Services Inc. (TSX Venture:NWE), an oil and gas and environmental services company focused on Western Canada, today announced that it has closed its previously announced settlement agreement with William A. Rand, the company’s Lead Director and largest shareholder, in respect of $750,000 owing to Mr. Rand by NWE.
Under the agreement, NWE issued to Mr. Rand 7.5 million NWE common shares at a deemed value of $0.10 per share in lieu of the repayment of the above-noted debt. Upon the closing, Mr. Rand increased his beneficial ownership of NWE common shares from 25 percent to 43 percent.
The common shares issued to Mr. Rand pursuant to the settlement agreement are subject to a hold period of four months and one day.
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@example.com
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