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TORONTO, ONTARIO--(Marketwired - July 29, 2016) - MCW Energy Group Limited ("MCW") (TSX VENTURE:MCW)(OTCQX:MCWEF), a Canadian holding company involved in the development of environmentally-friendly oil sands technologies and the production of oil from Utah's vast oil sands deposits, announces an amendment of the US$3.5 million loan with a private arm's length lender, announced on March 11, 2015, July 29, 2015 and February 24, 2016. Pursuant to the amendment, the loan will be convertible, at the option of the lender, into common shares of MCW at $0.15 at any time prior to the loan repayment date which is February 9, 2017. The amended loan agreement, and any common shares issuable upon conversion of the loan, will be subject to a four month hold period from the date of issuance. The loan amendment is subject to final approval of the TSX Venture Exchange. |
