MCW Energy Group Ltd., a Canadian holding company that develops environmentally-friendly oil sands technologies and produces oil from Utah's oil sands, closed a definitive agreement to acquire a controlling interest in Accord GR Energy Inc., a Houston-based E&P.
MCW acquired 57.3% of all issued and outstanding shares of Accord, for about 59.69 million MCW shares and warrants to purchase 2 million additional MCW shares at 25 cents each for three years, according to an Aug. 25 press release.
The securities issued are subject to a four-month hold period from the date of issuance.
MCW also entered into two shares for debt agreements, pursuant to which MCW will issue 953,293 common shares in satisfaction of US$110,000 of debt currently owed to two arm's length service providers.
Satisfying the debt will preserve cash for use on extraction technology at Asphalt Ridge, Utah.
The shares will be issued upon acceptance by the TSX Venture Exchange, and will be subject to a four-month hold period from the date of issuance.
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