MCW Energy Group Enters Into a Binding LOI for $3 Million in Convertible Debt Financing

Glendale, CA (PressExposure) January 19, 2012 -- MCW Energy Group Ltd. ("MCW"), an oil distribution and production company with operations in the U.S., announced that it has entered into a binding letter of intent to raise $3 million in a placement offering of convertible debt. The proceeds will be used to develop, operate, and finance oil sands projects both domestically and internationally, with an initial focus on MCW's Utah-based subsidiary MCW Oil Sands Recovery, LLC ("OSR").

The placement, expected to close in September 2011, will raise a minimum of $3,000,000 through the issuance of convertible debt. Pacific Seaboard Ltd. ("Pacific Seaboard") of Hong Kong will act as the lead investor. The notes are expected to carry an annual coupon rate of seven percent and can be converted at a current price of MCW common stock.

"We are pleased that Pacific Seaboard is taking steps to make such a significant investment in MCW. We view it as further validation of the potential of OSR, our oil production business unit in Utah," said David Sutton, Chief Executive Officer of MCW.

OSR was established to commercialize a proven solvent-based extraction process for Utah oil sands. MCW will use funds from the private placement to establish an oil sands extraction plant, using technologies and equipment provided by Amerisands. The plant is expected to be operational six months following financing.

MCW controls the mineral rights to over 50 million barrels of oil sands reserves in the Asphalt Ridge area of Utah. Asphalt Ridge has a history of successful oil and gas production, as well as asphalt production from oil sands, showing that production is viable and economical in the area. MCW's lease at Asphalt Ridge is located in the most attractive area of the oil sands deposits with high oil content (over 10%) and with surface deposits.

About Pacific Seaboard Ltd.

Pacific Seaboard is a boutique investment firm that provides advisory services and capital raising solutions for emerging companies across a variety of verticals. Pacific Seaboard specializing in high opportunity emerging markets. The Firm consists of investment banking, asset management, Pacific Venture Fund, merchant banking and factoring finance. The company has pioneered a number of international investment strategies in the market such as Small Caps, short duration bonds and capital protected balanced.

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Press Release Submitted On: January 19, 2012 at 6:48 am
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