MCW Energy Group Limited Issues Shares for Accrued Management Fees
November 27, 2013 (Source: Marketwired) – MCW Energy Group Limited (TSX VENTURE: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 Dr. Gerald Bailey, the Chief Executive Officer of MCW, pursuant to which MCW will issue 54,553 common shares to Dr. Bailey at a deemed price of $1.16 per share for accrued management fees from October 1, 2011 to September 30, 2013. The share issuance is conditional upon acceptance by the Exchange. The common shares issued will be subject to a four-month hold period.
The 54,553 common shares will be issued to Dr. Bailey who is the Chief Executive Officer of MCW, thereby making the transaction a “related party transaction” as defined under Multilateral Instrument 61-101 (“MI 61-101“). The transaction will be exempt from the formal valuation and minority shareholder approval requirements of MI 61- 101 as the fair market value of the 54,553 common shares does not exceed 25% of MCW’s market capitalization.
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Following completion of the issuance of the 54,553 common shares, MCW will have a total of 42,151,128 common shares issued and outstanding.
About MCW Energy Group Limited:
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 through MCW Fuels Inc., 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 is in the process of assembling its initial extraction plant in Asphalt Ridge, where it intends to implement its environmentally‐friendly and cost efficient technology. 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 visit the corporate website at: www.mcwenergygroup.com.
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. 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.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>