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Slide #8. Petrowest Corporation — Enviro-Mulch Land Clearing Solutions
Petrowest Corporation (PRW.CA)
Enviro-Mulch Land Clearing Solutions
Petrowest Corporation ("Petrowest") (PRW: TMX) announced today that it has entered into a binding agreement to purchase all the shares of Enviro-Mulch Land Clearing Solutions Ltd. for the purchase price of $6.36 million plus the assumption of approximately $2.3 million of debt. Subsequent to closing, approximately $0.8 million of this assumed debt will be converted to an operating lease. The purchase price is to be paid with approximately $3.64 million in cash and the issuance of approximately 2.87 million Class A common shares of Petrowest having a value of approximately $2.73 million (based on a price per share of $0.95). Closing is expected to occur on or about May 12, 2014, subject to customary closing conditions.
Petrowest Energy Services Trust is an open-ended unincorporated mutual fund trust. The trust is engaged in providing pre-drilling and post-completion oilfield services to the northern region of the Western Canadian Sedimentary Basin as well as industrial and civil infrastructure projects, gravel crushing and hauling for non-energy sector customers. Co. operates in 4 segments: road and lease construction, transportation and hauling, civil services, and heavy equipment rentals.
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