On May 27, 2014, Petrowest Corporation ("Petrowest") an Alberta corporation involved in pre-drilling and post-completion energy services as well as industrial and civil infrastructure projects, gravel crushing and hauling for non-energy sector customers, closed the previously announced acquisition of all the shares of Enviro-Mulch Land Clearing Solutions Ltd, for the purchase price of $6.36 million plus the assumption of approximately $2.3 million of debt. Subsequent to closing, approximately $0.8 million of this assumed debt will be converted to an operating lease. The purchase price was paid with approximately $3.64 million in cash and the issuance of approximately 2.87 million Class A common shares of Petrowest having a value of approximately $2.73 million (based on a price per share of $0.95).
Norton Rose Fulbright acted on all aspects of the acquisition. The team was led by Marlene Stewart and included Dion Legge, Saptarshi Chakraborty, Keldeagh Lindsay and Kyle Johnson.