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TORONTO, ONTARIO--(Marketwired - Feb. 24, 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 the extension of US$3.5 million loan with a private arm's length lender, announced on March 11, 2015 and July 29, 2015. Pursuant to the extension the loan will accrue interest at a rate of 10% per annum and will mature on February 9, 2017. In addition, MCW has agreed to issue the lender 6,022,625 common shares in consideration for the extension at a deemed price of CAD$0.16 per share. The common shares will be subject to a four month hold period from the date of issuance. |
