CWC ENERGY SERVICES CORP. ANNOUNCES CLOSING OF ARRANGEMENT WITH PRECISION DRILLING CORPORATION
CALGARY, AB, Nov. 8, 2023 /CNW/ - (TSXV: CWC) CWC Energy Services Corp. ("CWC" or the "Company") is pleased to announce that it has closed its previously announced plan of arrangement with Precision Drilling Corporation (TSX: PD; NYSE: PDS) ("Precision") under the Business Corporations Act (Alberta) (the "Arrangement").
Pursuant to the Arrangement, Precision has acquired all the issued and outstanding common shares of CWC ("CWC Shares") for aggregate cash consideration of $13,725,942.66 and an aggregate of 947,807 common shares of Precision. The CWC Shares are expected to be delisted from the TSX Venture Exchange on November 10, 2023.
The Arrangement, which was announced on September 7, 2023, was approved by CWC Shareholders at CWC's special meeting of shareholders held on November 6, 2023 and CWC obtained a final order in respect thereof from the Court of King's Bench of Alberta on November 7, 2023.
Duncan Au, former President and Chief Executive Officer of CWC, stated, "We are delighted to complete this strategic business combination with Precision and wish to thank the overwhelming support of our shareholders in approving the transaction, which has the size and scale that will allow for expanded opportunities for our employees, enhanced services for our customers and CWC shareholder participation in one of the leading innovative companies in our industry. We look forward to bringing our teams together and realizing the full potential of this strategic combination."
Effective November 8, 2023, CWC's Board of Directors and senior management team have resigned from their respective positions with the Company. CWC would like to thank the Board of Directors and senior management team for their dedication and many years of service to the Company and wish them all success in their future endeavors.
About CWC Energy Services Corp.
CWC Energy Services Corp. is a premier contract drilling and well servicing company operating in Canada and the United States with a complementary suite of oilfield services including drilling rigs and service rigs. The Company's corporate office is located in Calgary, Alberta with operational locations in Nisku, Grande Prairie, Slave Lake, Sylvan Lake, Drayton Valley, Lloydminster, Provost and Brooks, Alberta and U.S. offices in Denver, Colorado and Casper, Wyoming. The Company's shares traded on the TSX Venture Exchange under the symbol "CWC".
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SOURCE CWC Energy Services Corp.
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