Petrowest Corporation announces closing of bought deal offering

/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./

CALGARY, Sept. 16, 2014 /CNW/ - Petrowest Corporation (Petrowest) has completed its previously announced bought-deal offering, including the exercise in full of the underwriters' over-allotment option.  A total of 18,400,000 class A common shares (the Common Shares) have been issued at a price of $1.25 per share for aggregate gross proceeds of $23,000,000.

The syndicate of underwriters was led by Beacon Securities Limited and included Canaccord Genuity Corp., Dundee Securities Ltd., Mackie Research Capital Corporation, GMP Securities L.P., PI Financial Corp. and Cormark Securities Inc.

The net proceeds from the offering will be used to reduce corporate indebtedness, for capital expenditures and for general corporate and working capital purposes, including to fund growth, which is expected to include the acquisition of Trans Carrier Ltd and related companies and the acquisition of CJM Trucking Ltd. (collectively, the Proposed Acquisitions).  Details of the Proposed Acquisitions were previously announced by Petrowest in its news release dated August 22, 2014.  

This press release is not an offer or a solicitation of an offer of securities for sale in the United States. The Common Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

ABOUT PETROWEST

Petrowest is an Alberta corporation involved in pre-drilling and post-completion energy services as well as industrial and civil infrastructure projects, gravel crushing and hauling for non-energy sector customers. Petrowest's primary operations are based in the Grande Prairie area of northern Alberta and in northeastern British Columbia.

SOURCE: Petrowest Corporation

Richard Quigley, President and Chief Executive Officer, at [phone], or Lloyd Wiggins, Chief Financial Officer, at [phone], or [email protected].