MCW Energy Group Limited (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 oil sands, announces the closing of a previously announced definitive agreement to acquire a controlling interest in a Houston-based, exploration and production (E&P) company, Accord GR Energy, Inc. (‘Accord’). Pursuant to the agreement, MCW acquired 57.3% of all issued and outstanding shares of Accord, in consideration for 59,698,300 shares of MCW and warrants to purchase 2,000,000 shares of MCW at US$0.25 per share for three years. The securities issued are subject to a four month hold period from the date of issuance.
In addition, MCW has entered into two shares for debt agreements, pursuant to which MCW will issue 953,293 common shares in satisfaction of an aggregate of US$110,000 of indebtedness currently owed to two arm’s length service providers. MCW determined to satisfy the indebtedness with common shares in order to preserve its cash for use on its extraction technology in Asphalt Ridge, Utah. The shares will be issued upon acceptance by the TSX Venture Exchange. The common shares issued in satisfaction of the indebtedness will be subject to a four month hold period from the date of issuance.
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