CALGARY, AB, Dec. 23, 2020 /CNW/ - Calfrac Well Services Ltd.
("Calfrac" or the "Company") (TSX: CFW) completed its
previously announced recapitalization transaction on December 18, 2020 (the "Recapitalization
Transaction"). Among other things, the Recapitalization
Transaction resulted in the consolidation of Calfrac's outstanding
common shares on a 50:1 basis (as consolidated, the
"Post-Consolidation Common Shares") and the issuance of
common share purchase warrants ("Warrants").
The Post-Consolidation Shares and the Warrants have been listed
for trading on the Toronto Stock Exchange (the "TSX"). The
TSX released bulletins regarding the Post-Consolidation Common
Shares and the Warrants earlier today. The Post-Consolidation
Common Shares and the Warrants are anticipated to begin trading on
the TSX at the open of markets on December
29, 2020.
Calfrac's common shares and warrants are publicly traded on
the TSX under the trading symbols "CFW" and "CFW.WT",
respectively. Calfrac provides specialized oilfield services to
exploration and production companies designed to increase the
production of hydrocarbons from wells drilled throughout western
Canada, the United States, Argentina and Russia.
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", "continue", "estimate", "may", "will", "project",
"should", "believe", "plans", "intends" and similar expressions are
intended to identify forward-looking information or statements.
More particularly, this press release contains forward-looking
statements and information relating to the commencement of trading
of the Post-Consolidation Common Shares and the Warrants on the
TSX.
These forward-looking statements and information are based on
certain key expectations and assumptions made by Calfrac in light
of its experience and perception of historical trends, current
conditions and expected future developments, as well as other
factors it believes are appropriate in the circumstances.
Although Calfrac 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
Calfrac 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, risks
associated with: decisions by the TSX, securities regulators and/or
the courts; default under the Company's credit facilities and/or
the Company's senior secured notes due to a breach of covenants
therein; along with those risk and uncertainties identified under
the heading "Risk Factors" and elsewhere in the Management
Information Circular dated August 17,
2020, as supplemented by the Material Change Report dated
September 25, 2020, and the Company's
annual information form dated March 10,
2020, each as filed on SEDAR at www.sedar.com.
The forward-looking statements and information contained in
this press release are made as of the date hereof and Calfrac 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. This press release is not an offer of
securities for sale in the United
States. Securities may not be offered or sold in
the United States absent an
exemption from registration under the Securities Act of
1933.
SOURCE Calfrac Well Services Ltd.