DGAP-News: MCW Energy Group Limited: MCW ENERGY GROUP ENTERS INTO LETTER OF INTENT FOR REVERSE TAKEOVER WITH AXEA CAPITAL CORP. TO FACILITATE TORONTO EXCHANGE LISTING
(firmenpresse) - DGAP-News: MCW Energy Group Limited / Key word(s): Merger/Letter of
Intent
MCW Energy Group Limited: MCW ENERGY GROUP ENTERS INTO LETTER OF
INTENT FOR REVERSE TAKEOVER WITH AXEA CAPITAL CORP. TO FACILITATE
TORONTO EXCHANGE LISTING
07.12.2011 / 11:45
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MCW ENERGY GROUP ENTERS INTO LETTER OF INTENT FOR REVERSE TAKEOVER WITH
AXEA CAPITAL CORP. TO FACILITATE TORONTO EXCHANGE LISTING
December 7th, 2011: Shediac, New Brunswick, Canada/Frankfurt, Germany -
MCW Energy Group Limited, a Canadian holding company involved in oil
production/distribution and oil sands recovery technology and AXEA Capital
Corp announced today that they have entered into a Letter of Intent in the
course of a so-called 'qualifying transaction'. This transaction is
intended to take the form of a triangular amalgamation which will result in
the acquisition of all of the outstanding equity interests of MCW by AXEA
in return for AXEA shares. Following the transaction, shareholders of MCW
will hold approximately 96% of AXEA shares, and AXEA shareholders will hold
the remaining 4%. The amalgamation will constitute a reverse takeover of
AXEA by MCW Energy Group Ltd., a company incorporated under the laws of New
Brunswick, Canada.
In the first phase of the amalgamation process, AXEA will consolidate its
own shares and outstanding securities on a one-for-three basis. AXEA will
then issue one AXEA share to holders of MCW shares for each two shares of
MCW held, and the convertible securities of MCW will be exchanged for
convertible securities of AXEA with an exercise price 100% greater than the
price of the convertible security prior to the amalgamation. After giving
effect to the amalgamation, AXEA will carry on business under the name 'MCW
Energy Group Limited' and its shares will be listed on Toronto Exchange
under a new trading symbol. The completion of this Letter of Intent is
conditional upon all necessary regulatory approvals, including the approval
of the Toronto Exchange, and other conditions which are typical for a
business combination transaction of this nature.The shares of MCW currently
trade on the Frankfurt Stock Exchange.
MCW CEO Dr. Gerald Bailey was very pleased with regards to the proposed
transaction and commented positively on the amalgamation: 'This strategic
move to the North American capital markets will provide the Company with
the opportunity to participate in a robust, fast-moving capital
environment. We will be delighted to announce to our shareholders and the
North-American financial markets that in the future they will be able to
trade MCW Energy Group shares in Canada as well as its traditional listing
in Frankfurt, Germany.'
About the MCW Energy Group:
MCW Energy Group is a Canadian holding company with two principal portfolio
companies: the California-based MCW Fuels, established in 1938, a leading
distributor of branded and unbranded gasoline and diesel products
throughout the United States, and MCW Oil Sands Recovery, LLC, an oil sands
extraction technology company based in Utah, which is focused on providing
a new source of domestic oil from America's virtually untapped oil sands
resources. With ongoing production of oil from its oil sands leases, would
become a profitable supplier of oil to several regional refineries. This
new revenue stream would provide strategic leverage for MCW through direct
control of oil pricing and supply within its core distribution network.
With the combination of a successful petroleum product distribution network
and the supply of its own oil, MCW would become a vertically integrated
energy company. Please visit the MCW Energy Group website:
www.mcwenergygroup.com .
North American Investor Relations Contact:
Paul Davey,
MCW Energy Group
334 Main St., Suite 101
Shediac, NB, E4P 2E5 Canada
Tel.: 001 (800) 979-1897
Fax: 001 (866) 571-9615
Mail: info(at)mcwenergygroup.com
Germany/Europe Investor Relations Contact:
Jörn Gleisner
Tel.: +49 (0)69 95 90 83 20
Fax: +49 (0)69 95 90 83 99
Mail: j.gleisner(at)financial-relations.de
The information does not constitute an offer of or an invitation by or on
behalf of MCW Energy Group or any of its subsidiaries to subscribe for or
purchase securities of MCW Energy Group or any of its subsidiaries, but is
provided as a matter of record only.
In particular, the information contained does not constitute an offer of
securities for sale or solicitation of an offer to buy securities in the
United States of America. Securities may not be offered or sold in the
United States of America absent registration or an exemption from
registration under the U.S. Securities Act of 1933, as amended.
End of Corporate News
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