|By Marketwired .||
|July 21, 2014 05:24 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/21/14 -- Hanwei Energy Services Corp. (TSX: HE) ("Hanwei" or the "Company") today announced a non-brokered private placement of a maximum of 25,000,000 common shares in the capital of the Company (a "Common Share") at a price of $0.16 per Common Share for gross proceeds of up to $4,000,000 (the "Private Placement"). Proceeds from this Private Placement will be used for ongoing work over and development activities of the Company's oil and gas holdings in its Leduc Lands in Alberta.
The Common Shares issued in connection with the Private Placement will be subject to a four-month hold period from the date of issuance in accordance with applicable securities law and approval of the Toronto Stock Exchange ("TSX"). None of the subscribers to the Private Placement currently hold any Common Shares of the Company and each is an arm's length individual.
About Hanwei Energy Services Corp.
Hanwei Energy Services Corp. is a leading manufacturer of high pressure, fiberglass reinforced plastic ("FRP") pipe products and associated technologies and services for the international oil and gas and infrastructure industries. Hanwei serves major energy customers in the Chinese and global energy markets. The Company owns producing oil and gas mineral rights located near Edmonton, Alberta.
Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING INFORMATION AND NON-GAAP MEASURES
Certain information in this press release is forward-looking within the meaning of certain securities laws, and is subject to important risks, uncertainties and assumptions a description of which is set out in the risk factors section of the Company's Annual Information Form dated June 20, 2014 and Management Discussion and Analysis for the year ended March 31, 2014 both of which are filed with Canadian securities regulators and available on SEDAR at www.sedar.com. The forward-looking information in this press release describes the Company's expectations as of the date of this press release.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE PRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, THE COMPANY DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME, EXCEPT AS REQUIRED BY APPLICABLE SECURITIES LEGISLATION.
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