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New West Energy Services Inc Announces Agreement To Purchase Oilfield Services Company


Wednesday, 18 Sep 2013 08:57am EDT 

New West Energy Services Inc announced that it has entered into a share purchase agreement with the shareholders of 1770245 Alberta Ltd, Tippin D Oilfield Services Ltd and 40 Creek Oilfield Services Ltd providing for the purchase by the Corporation of all of the issued and outstanding common shares of 1770245 for an aggregate purchase price of $1.8 million, to be comprised of $1.3 million in cash, the issuance of 3,000,000 common shares in the capital of the Corporation at a deemed price of $0.10 per share and a post-closing payment of up to $200,000 which is payable as an earn out upon achieving certain performance thresholds over a twelve month period post close. Closing of the Transaction is expected to occur on or about September 30, 2013 and is subject to certain conditions including, but not limited to, receiving the approval of the TSX Venture Exchange. 

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