68,202,320 Common Shares were acquired by Brookfield Capital pursuant to Brookfield Capital’s basic subscription privilege and 11,076,826 Common Shares were acquired by Brookfield Capital pursuant to Brookfield Capital’s additional subscription privilege. Brookfield Capital acquired the Common Shares at a price of $0.15 per Common Share for total consideration of $11,891,871.90.
Immediately prior to the completion of the Rights Offering, Brookfield Capital owned, directly or indirectly, 204,606,962 Common Shares. Following completion of the Rights Offering, Brookfield Capital beneficially owns, directly or indirectly, 283,886,108 Common Shares, representing an increase in Brookfield Capital’s ownership percentage from approximately 70% to approximately 73% of the issued and outstanding Common Shares.
CWC is a contract drilling and well servicing company operating in the Western Canadian Sedimentary Basin with a complementary suite of oilfield services including drilling rigs, service rigs, and coil tubing.
Brookfield Capital acquired the Common Shares of CWC for investment purposes only. Brookfield Capital intends to review, on a continuous basis, various factors related to its investment, including (but not limited to) the price and availability of the securities of the Corporation, subsequent developments affecting the Corporation or its business, and general market and economic conditions. Based upon these and other factors, Brookfield Capital may decide to purchase additional securities of the Corporation or may decide in the future to sell all or part of its investment.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Brookfield Capital Partners Ltd.
Brookfield Capital Partners Ltd. was established by Brookfield Asset Management Inc. to provide long-term capital and strategic assistance to mid-market companies based in North America. Brookfield Capital seeks investment opportunities in industries in which Brookfield Capital has significant operating expertise or a competitive advantage, including in the industrial products, building materials, metals and mining, homebuilding, forest products, oil and gas and manufacturing sectors. The Brookfield Capital team operates out of offices in Toronto, New York, Calgary, Vancouver and Montreal.
Brookfield Capital is a private equity affiliate of Brookfield Asset Management, a leading global alternative asset manager with $240 billion of assets under management.
NOTE: The statements in this press release concerning Brookfield Capital’s future intentions regarding Brookfield Capital’s investment in CWC Energy Services Corp.’s Common Shares may contain forward-looking information and other “forward looking statements”, within the meaning of certain securities laws, including Section 27A of the Securities Act of 1933, as amended, Section 21 E of the Securities Exchange Act of 1934, as amended, “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations. Forward looking statements are identified by words such as, but not limited to, “could”, “may”, and “will”. Readers are cautioned that actual results may vary from the forward-looking information contained herein. We may make such statements in this release, in other filings with Canadian regulators or the SEC or in other communications. The reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors.