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Provider: Wright Reports
Provider: Thomson Reuters Stock Report

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MCW Energy Group Ltd Enters Into Shares For Debt Transaction

Wednesday, 8 May 2013 04:14pm EDT 

MCW Energy Group Ltd announced that it has entered into an agreement with an arms-length lender, pursuant to which MCW will issue 6,095,215 common shares in satisfaction of indebtedness of $3,657,129 currently owed to such lender in principal plus interest pursuant to a previously issued convertible debenture, based on an agreed issue price of $0.60 per share. MCW determined to satisfy the indebtedness with common shares in order to preserve its cash for use on the construction of its extraction technology in the Uinta Basin of Utah, USA. The shares will be issued upon acceptance by the Exchange. The common shares issued in satisfaction of the indebtedness will be subject to a four month statutory hold period from the date of issuance. 

Company Quote

0.05 +5.88%
29 Aug 2014