MCW Energy Group Ltd. entered into a shares-for-debt agreement under which it will issue 286,875 common shares to satisfy about US$259.9 million in debt owed to an arms’ length service provider, the company said Sept. 17.
In order to be able to use cash for extraction technology in Asphalt Ridge, Utah, the debt will be paid with common shares, the company said.
The shares will be issued upon acceptance by the TSX Venture Exchange. They will be subject to a four-month hold period from the date of issuance.
When the issuance is completed, MCW will have about 60.9 million issued and outstanding shares.
Toronto-based MCW Energy Group Ltd. develops and implements oil sands extraction technologies.
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