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 it has entered into a shares for debt agreement, pursuant to which MCW will issue 1,000,000 common shares in satisfaction of US$37,500 of indebtedness currently owed to an arm's length service provider. MCW determined to satisfy the indebtedness with common shares in order to preserve its cash for use on its extraction technology, and for working capital. The shares will be issued upon acceptance by the TSX Venture Exchange and approval by the directors of MCW. The common shares issued in satisfaction of the indebtedness will be subject to a four month hold period from the date of issuance.
About MCW Energy Group Limited
MCW Energy Group Limited is focused on value creation via the development and implementation of (i) proprietary, environmentally‐friendly oil sands extraction technologies and remedial tailings ponds project solutions, (ii) expanding production capacities of its now operational oil sands project in Asphalt Ridge, Utah, and (iii) the formulation of worldwide joint ventures and the licensing of oil sand opportunities with private and governmental resource entities within countries possessing extensive oil sands/shale deposits. MCW's management team is comprised of individuals who have extensive knowledge in both conventional and unconventional oil and gas projects and production, both in upstream and downstream industry sectors.
SOURCE: MCW Energy Group Limited
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