NEW WEST ENERGY SERVICES INC. ("NWE")
BULLETIN TYPE: Shares for Bonuses
BULLETIN DATE: April 4, 2017
TSX Venture Tier 1 Company
The TSX Venture Exchange (the "Exchange") accepts the Company's proposed Loan Agreements (the "Agreements") with a US based arm's length lender (the "Lender").
Pursuant to the terms of the Agreements, the Lender will be advancing to the company a term loan ("Term Loan"), and a revolving loan ("Revolving Loan"). The Term Loan will be advanced to the Company in an aggregate amount of $6,064,513, which is to be advanced to the Company in two stages. The first stage involves the repayment of a loan with a previous lender for an approximate value of $1,238,918. This part of the loan will have a term which expires on March 9, 2022 and has an interest rate of 7.0% per annum, as defined in the promissory note.
The second stage of the loan involves the Equipment Sale Advance (as defined in the Agreement). This advance is for an approximate value of $4,832,334. This part of the loan will have a term which expires on March 9, 2023 and will carry an interest rate of 7.1811% per annum, as defined by the second promissory note.
The Lender will also be providing a Revolving Loan to the Company in conjunction with the Term Loan. The Revolving Loan will be a maximum of $3,000,000 and will be repaid by March 9, 2020. This Revolving Loan will carry an interest rate of prime + 4.3% per annum, as defined in the grid promissory note.
In consideration for making the loans available to the Company, the Lender shall receive 6,000,000 common share purchase warrants ("Warrants") exercisable for 36 months at an exercise price of $0.05 per share.
For further details, please see the company's press release dated March 10, 2017.
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