Today, Redline Capital Management S.A. announced that it acquired proprietorship of 8,695,652 common shares from MCW Energy Group Limited. Redline Capital Management was under the account of Redline Capital Fund - Universal Investments. It bought MCW's shares for Can$ 0.73 each share.
Prior to the purchase, Redline did not own a share or have control over MCW's common shares.
MCW was a widely-traded Canadian holding business. It was a corporate unit that was comprised of MCW Fuels and MCW Oil Sands Recovery LLC. MCW Fuels was a petroleum merchandise supplier that had an widespread distribution system all over the western part of United States. On the other hand, MCW Oil Sands Recovery LLC was a Utah-headquartered oil sands extraction technology enterprise. It held the major oil sand lease which included a resource of oil that was over 50 million barrels.
Redline's acquisition would allow it to hold 20.91% of the latest remaining common shares of MCW.
Redline bought the shares because it said it wanted to invest more. However, it decided to increase or decrease its investment depending on MCW's market conditions.
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