CALGARY,
AB, Aug. 2, 2022 /CNW/ - Western Energy
Services Corp. (the "Company" or "Western") (TSX:
WRG) announces that the Company's issued and outstanding common
shares (the "Common Shares") have been consolidated at a
ratio of one (1) post-consolidation Common Share for every one
hundred twenty (120) pre-consolidation Common Shares (the
"Consolidation"). The Common Shares will begin trading on
the Toronto Stock Exchange ("TSX") on a consolidated basis
on August 4, 2022 and will continue
to trade on the TSX under the trading symbol "WRG". New CUSIP and
ISIN numbers have been assigned to the Common Shares following the
Consolidation.
The Company's shareholders approved a special resolution at the
Company's annual and special meeting of shareholders held on
June 29, 2022. The resolution
authorized Western to effect the Consolidation at a ratio, to be
determined by Western's directors, of between 75 and 120
pre–Consolidation Common Shares to one post–Consolidation Common
Share.
The Consolidation reduced the number of issued and outstanding
Common Shares of the Company from 4,060,663,214 Common Shares to
approximately 33,838,860 Common Shares. Proportionate adjustments
will be made to the Company's outstanding restricted share units
and options. No fractional Common Shares will be issued pursuant to
the Consolidation. Any fractional Common Share from the
Consolidation will be rounded to the nearest whole number of
post-Consolidation Common Shares, with any fractional interest
representing 0.5 or more Common Shares entitling holders thereof to
receive one whole post-Consolidation Common Share. In the event
that a shareholder holds such number of pre-Consolidation Common
Shares that, taking into effect the rounding of fractional Common
Shares entitlements, would result in them being entitled to less
than one post-Consolidation Common Share, the Consolidation will
result in such holder having no post-Consolidation Common Shares.
In calculating such fractional interests, all Common Shares
registered in the name of each registered shareholder will be
aggregated.
The Consolidation may result in some shareholders owning "odd
lots" of fewer than a full board lot of Common Shares (100 shares
in the case of shares trading at $1.00 or more). Odd lot Common Shares may be more
difficult to sell, and brokerage commissions and other costs of
transactions in odd lots may be higher than the costs of
transactions in "round lots" of even multiples of a board lot.
Further details on the Consolidation are contained in the
management information circular of the Company dated May 24, 2022 (the "Circular"), which has
been filed and is available under the Company's profile on SEDAR at
www.sedar.com.
Computershare Trust Company of Canada ("Computershare"), acting as the
transfer agent for the Consolidation, has mailed a letter of
transmittal to the Company's registered shareholders in respect of
the Consolidation. Registered shareholders will be required to send
their certificate(s) representing pre-Consolidation Common Shares
of the Company, along with a properly executed letter of
transmittal, to Computershare in accordance with the instructions
provided in the letter of transmittal. Beneficial shareholders
(i.e., non-registered shareholders) who hold their Common Shares
through an intermediary such as a bank, trust company, securities
dealer or broker should note that these intermediaries may have
their own procedures for processing the Consolidation which may
differ from those described above for registered shareholders.
Non-registered shareholders who have questions should contact their
intermediary for more information.
A copy of the letter of transmittal will be available on the
Company's profile on SEDAR at www.sedar.com and will also be posted
on the Company's website at www.WESC.ca.
About Western
Western is a progressive energy service company which provides
contract drilling services through its division, Horizon Drilling
in Canada, and its wholly-owned
subsidiary, Stoneham Drilling Corporation in the United States. Additionally, Western
provides production services in Canada through its division, Eagle Well
Servicing which provides well servicing and its division Aero
Rental Services which provides oilfield rental services.
Forward–Looking
Statements and Information
This press release contains forward–looking statements and
forward–looking information within the meaning of applicable
securities laws. The use of any of the words "expect",
"anticipate", "will", "outlook" and similar expressions are
intended to identify forward–looking information or statements.
More particularly and without limitation, this press release
contains forward–looking statements and information regarding the
date on which the Common Shares are expected to start trading on
the TSX on a consolidated basis. These forward–looking statements
and information are based on certain key expectations and
assumptions made by Western in light of its experience and its
perception of historical trends, current conditions and expected
future developments, as well as other factors that the Company
believes are appropriate in the circumstances. Although Western
believes that the expectations and assumptions on which such
forward–looking statements and information are based are
reasonable, undue reliance should not be placed on the
forward–looking statements and information as Western cannot give
any assurance that they will prove to be correct. Since
forward–looking statements and information address future events
and conditions, by their very nature they involve inherent risks
and uncertainties. Actual results could differ materially from
those currently anticipated due to a number of factors and risks.
These include, but are not limited to; the risks set out in the
section "Matters to be Acted on at the Meeting – Approval of the
Share Consolidation – Risks Associated with the Share
Consolidation" within the Circular. Readers are cautioned that
the foregoing list of risks and uncertainties is not exhaustive.
Additional information on these and other risk factors that could
affect Western's operations or financial results are included in
Western's annual information form and may be accessed through the
SEDAR website (www.sedar.com). The forward–looking statements and
information contained in this press release are made as of the date
hereof and Western does not undertake any obligation to update
publicly or revise any forward–looking statements or information,
whether as a result of new information, future events or otherwise,
unless so required by applicable securities laws.
SOURCE Western Energy Services Corp.