|Parkland Energy Services, Inc. - Correction
Parkland Energy Services Inc.: Correction to Previous Press Release of October 14, 2010
RED DEER, ALBERTA--(Marketwire - Oct. 14, 2010) - Parkland Energy Services Inc. ("Parkland") (TSX VENTURE:PKE) is pleased to announce that it has closed a financing with Lane Capital Markets, LLC. An additional $1,025,000 of the 13% secured notes have been issued ($859,000 after costs and commissions of $166,000). Parkland will issue common shares of 702,124 to the subscribers of the note and 1,404,240 common shares to Lane Capital Markets, LLC, as well as, 189,846 common shares to Genesis Merchant Partners, LP and Genesis Merchant Partners II, LP for no additional consideration.
The proceeds of the offering are being used to fund working capital in the amount of $295,000. The balance remaining of $564,000 is being held in escrow pending the outcome of litigation in the US in regard to the company's interest in the Nick Ross well. If the outcome is favourable additional interests in the Nick Ross well will be purchased.
Parkland is a company based in Red Deer, Alberta that specializes in the manufacturing of separator packages, metering skids, production tanks and pressure vessels, and the provision of sandblasting and painting, coating, welding and fabrication services. And through its wholly owned subsidiary Ace Oilfield Construction Ltd. provides lease site construction and reclamation, as well as, small inch pipeline construction and facility work. The company's common shares are listed on the TSX Venture Exchange and trade under the symbol "PKE".
The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.
This document may contain "forward-looking statements" within the meaning of Canadian securities legislation. These forward-looking statements are made as of the date of this document and the Company does not intend, and does not assume any obligation, to update these forward-looking statements.