Key Developments: FairWest Energy Corp (FEC.V)
0.01CAD
10 Dec 2012
$0.00 (+100.00%)
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135,104
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Latest Key Developments (Source: Significant Developments)
FairWest Energy Corp Announces Resignation Of Chairman And Chief Executive Officer
FairWest Energy Corp announced that Vernon R. Fauth has resigned as the Chairman and Chief Executive Officer and as a director of FairWest effective February 8, 2013. Full Article
FairWest Energy Corp Obtains Initial Order Under CCAA
FairWest Energy Corp announced that it has obtained an Initial Order on December 12, 2012 from the Court of Queen's Bench of Alberta (the Court) granting relief to FairWest under the Companies' Creditors Arrangement Act (CCAA) and appointing PricewaterhouseCoopers Inc. as the monitor (the Monitor). The terms and conditions of a restructuring plan have not yet been determined. The Initial Order provides that the operations of FairWest may continue as usual. The Initial Order further provides that from and after the filing date, obligations to employees, consultants, agents, experts, accountants, counsel and other such persons can be met in the ordinary course and all reasonable expenses incurred by FairWest in carrying out its business in the ordinary course can be paid. In conjunction with this application, the Company obtained authorization and approval to enter into a commitment letter with Supreme Group Inc. (the DIP Lender) for the provision of debtor-in-possession financing in the maximum amount of $700,000 and a court ordered charge ranking senior in priority to existing security interests to secure the Company's obligations to the DIP Lender under such financing. While FairWest is under CCAA protection, all proceedings against it by its creditors are stayed. The Initial Order grants FairWest creditor protection under the CCAA for an initial period which expires on January 11, 2013. Full Article
FairWest Energy Corp Announces Private Placement Of Series 3, Convertible Debentures
FairWest Energy Corp announced that, subject to regulatory and TSX Venture Exchange approval, it is proceeding with a private placement (the Private Placement) of up to $5,000,000 of Series 3, 10% Secured, Subordinated, Convertible, Redeemable Debentures (the Debentures). Each Debenture will be priced at $1,000 and will be convertible into Common Shares at a price of $0.10 per share until December 31, 2016. The proceeds from the sale of the Debentures will to be used to pay Series 1, 14% Secured, Subordinated, Convertible, Redeemable Debentures (Series 1) on maturity and to redeem Series 2, 14% Secured, Subordinated, Convertible, Redeemable Debentures (Series 2) and other general corporate purposes. The Company may pay Finder's Fees of up to 8% cash; however no Finder's Fees will be paid for subscriptions received from related parties, insiders and holders of Series 1 or Series 2 debentures who elect to participate in the Private Placement. Insiders may participate in the Private Placement for up to $3,300,000 of Debentures. The first closing of the Private Placement is expected to take place on November 27, 2012 followed by a final closing on December 7, 2012. All securities issued pursuant to the Private Placement will be subject to a four month hold pursuant to applicable securities legislation. Full Article
FairWest Energy Corp Announces Private Placement Offering
FairWest Energy Corp announced that subject to regulatory and TSX Venture Exchange approval, the Company intends to issue by way of private placement up to 100 million Common Shares at $0.05 per share for proceeds of up to $5.0 million. The Company may pay finders fees of up to 10% of the offering to eligible dealers. The funds from this private placement will be used for working capital for drilling, completions, workovers and facilities on the Company's properties, and for general corporate purposes. Full Article
FairWest Energy Corp Announces Conditional Closing of Private Placement Offering
FairWest Energy Corp. announced that subject to regulatory and TSX Venture Exchange approval, the Company has closed its previously announced private placement of common shares. In the closing, the Company issued 10,000,000 common shares at $0.05 for proceeds of $500,000. The subscriber was a company controlled by a significant shareholder of the Company. The Shares were issued with a four month hold period pursuant to securities rules. The proceeds will be used for working capital and general corporate purposes. Full Article
FairWest Energy Corp. Announces Private Placement Offering
FairWest Energy Corp. announced that subject to regulatory and TSX Venture Exchange (TSXV) approval, the Company intends to issue by way of private placement up to 40 million Common Shares at $0.05 per share for proceeds of up to $2.0 million. The Company may pay finders fees of up to 10% of the offering to eligible dealers. The funds from this private placement will be used for working capital for drilling, completions, workovers and facilities on the Company's properties, and for general corporate purposes. Full Article
FairWest Energy Corp. Announces Conditional Closing Of Private Placement Offering
FairWest Energy Corp. announced that subject to regulatory and TSX Venture Exchange (TSXV) approval, the Company has closed its previously announced private placement of common shares. In the closing, the Company issued 25,800,000 common shares at $0.05 for proceeds of $1,290,000. The Shares were issued with a four month hold period pursuant to securities rules. A company controlled by a significant shareholder of the Company purchased $1,250,000 of the offering. The proceeds will be used for working capital for completions, workovers and facilities on the Company's properties, and for general corporate purposes. Full Article
FairWest Energy Corp. Announces Private Placement Offering
FairWest Energy Corp. announced that subject to regulatory and TSX Venture Exchange approval, the Company intends to issue by way of private placement up to 140 million Common Shares at CAD0.05 per share for proceeds of up to CAD7 million. The Company may pay finders fees of up to 10% of the offering to eligible dealers. The funds from this private placement will be used for working capital for drilling, completions, workovers and facilities on the Company's properties, and for general corporate purposes. Full Article
FairWest Energy Corp. Closes Private Placement
FairWest Energy Corp. announced that it closed its previously announced private placement offering of Units, each unit comprised of one common share at $0.06 and one common share purchase warrant (Warrant). Each Warrant entitles the holder to purchase one common share at $0.10 per share on or before September 30, 2012. In the closing, the Company issued 7,039,082 common shares and 7,039,082 common share purchase warrants for proceeds of $422,345. The proceeds will be expended in 2012 and 2013 on Canadian development and exploration expenses designed to increase production from FairWest's lands. Full Article
FairWest Energy Corp. Announces Private Placement Of Units
FairWest Energy Corp. announced that it intends to issue by way of private placement up to CAD4,050,000 of units (Units), each Unit comprised of one (1) Common Share of the Company (Common Share) at CAD0.06 issued on a 'Canadian development expense flow-through' basis and one (1) Common Share purchase warrant (Warrant). Each Warrant shall be exercisable into one (1) Common Share at a price of CAD0.08 per Common Share on or before September 30, 2012. The Company may pay finders fees of up to 10% of the offering to eligible dealers. The funds from this private placement will be used for exploratory and development drilling on FairWest properties during 2012 and 2013. Full Article
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