A refinancing and capital reorganization program is in progress for Que West Resources.
The company says it has an agreement with Cancapital Corp. and S.C. Equities, whereby these companies have acquired $1,376,000 of Que West’s bank debt.
Que West will issue 500,000 common shares to Cancapital and DCC, and 627,000 shares to The Royal Bank, on closing of the transaction. It will also issue 2,000,000 common shares in exchange for debt owed to its parent, Atlas Yellowknife Resources.
Cancapital and S.C. will convert $776,000 of debt into 2,000,000 common shares of Que West, and have agreed to arrange flow-through share financing of $300,000 based on a price of 30 cents per share.
Que West expects to become debt free, when successful in completing an equity financing on or before March 31, 1988, to repay the remaining $600,000 of debt due to Cancapital and S.C. Equities.
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