Press Releases:
MCW Energy Group Enters Into Shares For Debt Transaction
May 8th 2013:Toronto, Ontario, Canada – May 8th, 2013 – MCW Energy Group (TSX-V: MCW) (MCW.V) (“MCW”), a Canadian holding company involved in fuel distribution and the creation of oil sands extraction technology announces 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 $ USD 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 project 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.
Following completion of the share issuance, MCW will have a total of 41,592,993 common shares issued and outstanding.,
About MCW Energy Group:
MCW Energy Group Limited, is focused on value creation as ( i) a distributor of gasoline and diesel fuels to service stations in Southern California for over 72 years, having revenue in the fiscal year ending August 31, 2011, of US$241.5 million, most recently reported having revenue of USD $ 363.3 million for the fiscal year ending August 31, 2012 and, (ii) as a developer of proprietary technology for the extraction of oil from oil sands at its first field in the Uinta Basin of Utah, USA. MCW’s management team is comprised of individuals who have extensive knowledge in both conventional and unconventional oil and gas projects and production, as well as refinery and fuel distribution experience.
For more information, please contact: MCW Energy Group
Paul Davey
Communications
Tel: +1 (800) 979-1897 (Ext. 3)
Cell: 1-778-389-0915
Email: [email protected]