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MCW

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Share Name Share Symbol Market Type
TSXV:MCW TSX Venture Common Stock
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MCW Energy Announces Issuance of Convertible Debenture for Up to US$2 Million

25/06/2014 9:13pm

Marketwired Canada


MCW Energy Group Limited (TSX VENTURE:MCW) (MCW.V) ("MCW"), a Canadian holding
company involved in fuel distribution and the creation of oil sands extraction
technology, announces the issuance of a secured convertible debenture (the
"Debenture") for up to a maximum aggregate principal amount of US$2,000,000 to
Alex Blyumkin, an officer and director of MCW. The Debenture provides that an
initial drawdown in the amount of US$1,139,000 will be advanced by Mr. Blyumkin
to MCW upon the execution and delivery of the Debenture, with any subsequent
drawdowns to be advanced to MCW at the option of Mr. Blyumkin, upon request by
MCW. The principal amount of the Debenture outstanding from time to time will
bear interest at a rate of 10% per annum, payable on maturity (June 25, 2017).
At the option of Mr. Blyumkin, the principal amount of the Debenture then
outstanding from time to time may be converted into common shares of MCW at any
time until maturity. The conversion price will be equal to either: (i) beginning
on the date that the Debenture is issued until August 11, 2014, $1.00 per common
share of MCW; or (ii) beginning on August 12, 2014, the rate equal to the
minimum price of the common shares of MCW permitted by the TSX Venture Exchange
(the "Exchange"); each adjusted, as necessary, upon a Share Reorganization (as
such term is defined in the Debenture) in accordance with the provisions of the
Debenture. The Debenture is secured by all of the assets of MCW and its wholly
owned subsidiary, MCW Fuels, Inc. The proceeds will be used by MCW to complete
the construction of its oil sands plant facility in Asphalt Ridge, Utah as well
as for working capital. All securities issued pursuant to the financing will be
subject to applicable U.S. securities laws as well as Canadian securities laws
and a four-month hold period as required by the Exchange. The financing is
subject to final approval of the Exchange.


As at the date of this News Release Mr. Blyumkin has advanced US$1,139,000
pursuant to the Debenture.


Mr. Blyumkin is an officer and director of MCW thereby making the financing a
"related party transaction" as defined under Multilateral Instrument 61-101 ("MI
61-101"). The financing was exempt from the formal valuation approval
requirements of MI 61-101 as none of the securities of MCW are listed on a
prescribed stock exchange. The financing was exempt from the minority
shareholder approval requirements of MI 61-101 as at the time the transaction
was agreed to, neither the fair market value of the transaction, nor the fair
market value of the consideration for, the transaction, insofar as it involves
interested parties, exceeded 25% of MCW's market capitalization.


About MCW Energy Group Limited:

MCW Energy Group Limited is focused on value creation as (i) a distributor of
gasoline and diesel fuels to service stations in Southern California for 75
years, having revenue in the fiscal year ending August 31st, 2011 of US$241.5
million, revenue of US$363.3 million for the fiscal year ending August 31st,
2012, and revenue of US$431.9 million for the fiscal year ending August 31st,
2013, and (ii) as a developer of proprietary technology for the extraction of
oil from oil sands at its first field in Asphalt Ridge, Utah, USA. MCW's
management team is comprised of individuals who have extensive knowledge in both
conventional and unconventional oil and gas projects and production, as well as
refinery and fuel distribution experience.


The information in this news release includes certain information and statements
about management's view of future events, expectations, plans and prospects that
constitute forward looking statements. These statements are based upon
assumptions that are subject to significant risks and uncertainties. Because of
these risks and uncertainties and as a result of a variety of factors, the
actual results, expectations, achievements or performance may differ materially
from those anticipated and indicated by these forward looking statements.
Forward-looking statements in this news release, include, but are not limited to
the commercial viability of the technology and the extraction plant, economic
performance and future plans and objectives of MCW. Any number of important
factors could cause actual results to differ materially from these
forward-looking statements as well as future results. Although MCW believes that
the expectations reflected in forward looking statements are reasonable, they
can give no assurances that the expectations of any forward looking statements
will prove to be correct. Except as required by law, MCW disclaims any intention
and assumes no obligation to update or revise any forward looking statements to
reflect actual results, whether as a result of new information, future events,
changes in assumptions, changes in factors affecting such forward looking
statements or otherwise.


Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
MCW Energy Group Limited
Paul Davey
Communications
1 (800) 979-1897 (Extension 3) or Cell: 1-778-389-0915
pdavey@mcwenergygroup.com
www.mcwenergygroup.com

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