MCW Energy Group Completes Sale of MCW Fuels and Conversion of Debt
TORONTO, CANADA--(Marketwired - Jun 24, 2015) - MCW Energy Group Ltd. ("MCW") (TSX VENTURE:MCW)(OTCQX:MCWEF), a Canadian holding company involved in the creation of oil sands extraction technology, through MCW Oil Sands Recovery, LLC, announces the closing of the agreement to sell all of the membership interests of its indirect wholly-owned subsidiary, MCW Fuels, LLC ("MCW Fuels"), to Aleksandr Blyumkin, as previously announced on May 13, 2015.
Concurrently with the closing of the sale of MCW Fuels, MCW Fuels converted its US$5,685,057 promissory note due from MCW into 9,200,000 common shares of MCW ("MCW Shares") at a deemed price of CDN$0.74 per share. The MCW Shares issued in satisfaction of the indebtedness are subject to a four month statutory hold period from the date of issuance as well as a US restrictive legend. Including the issuance of the 9,200,000 MCW Shares, MCW has a total of 59,735,803 MCW Shares issued and outstanding.
Closing of the transactions was subject to subject to the approval of the TSX Venture Exchange and written consent from a majority of disinterested shareholders (excluding the votes held, directly and indirectly, by Mr. Blyumkin).
About MCW Energy Group Limited
MCW is a Canadian, publicly-traded company which is focused on the development and implementation of (i) proprietary, environmentally-friendly oil sands extraction technologies and remedial project solutions, (ii) worldwide joint venture and licensing of oil sands opportunities with governmental and private industry entities within countries possessing extensive oil sands/shale deposits. 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.
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Forward-looking statements in this news release, include, but are not limited to the commercial viability of the technology and the extraction plant, economic performance and future plans and objectives of MCW, and the commercial production of oil from MCW's oil sands extraction plant in Asphalt Ridge, Utah. Any number of important factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although MCW believes that the expectations reflected in forward looking statements are reasonable, they can give no assurances that the expectations of any forward looking statements will prove to be correct. Except as required by law, MCW disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact
MCW Energy Group Ltd.
Paul Davey
Communications
(800) 979-1897 (Ext. 3)
Cell: (778) 389-0915
pdavey@mcwenergygroup.com