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TORONTO, ONTARIO--(Marketwired - May 8, 2013) - MCW Energy Group (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 an arms-length lender, pursuant to which MCW will issue 6,095,215 common shares in satisfaction of indebtedness of US$3,657,129 currently owed to such lender in principal plus interest pursuant to a previously issued convertible debenture, based on an agreed issue price of $0.60 per share. MCW determined to satisfy the indebtedness with common shares in order to preserve its cash for use on the construction of its extraction technology in the Uinta Basin of Utah, USA. |
