CALGARY, July 5, 2018 /CNW/ - New West Energy
Services Inc. (TSXV: NWE), an oil and gas and environmental
services company focused on Western
Canada, today announced that it has entered into agreements
with William A. Rand, the company's
Lead Director and largest shareholder, and Andrew Johns, an investor and shareholder of
NWE, whereby Messrs. Rand and Johns will provide loans to NWE in
the amount of $200,000 and
$150,000, respectively. The
loans will have a term of 15 months and bear interest at a rate of
8% per annum calculated and compounded monthly.
As partial consideration for providing the loans, NWE will issue
to Messrs. Rand and Johns 571,429 and 428,571 common shares,
respectively, pursuant to TSX Venture Exchange ("TSXV") Policy 5.1
– Loans, Loan Bonuses, Finder's Fees and Commissions.
The providing of the loans and issuance of the common shares will
be subject to NWE receiving all necessary prior approvals from the
TSXV. All common shares issued to Messrs. Rand and Johns will
be subject to a hold period of four months and a day.
Neither the 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 New West Energy Services Inc.