EDMONTON, ALBERTA -- (Marketwire) -- 06/26/12 -- 658458 Alberta Ltd., a company controlled by John Leder of 10457 - 184 Street, Edmonton, Alberta, T5S 1G1 has acquired ownership of 25,000,000 common shares of FairWest Energy Corporation (the "Issuer") pursuant to a private placement offering of common shares at $0.05 per common share. The acquired common shares represent 8.1% of the 309,654,775 common shares of the Issuer currently outstanding.
As a result of the acquisition, Mr. Leder directly owns 70,973,653 common shares of the Issuer and indirectly controls, through Leder Charitable Foundation, 3,762,300 common shares of the Issuer and through 658458 Alberta Ltd., 25,000,000 common shares of the Issuer. Together, these common shares represent 32.2% of the outstanding common shares of the Issuer.
Mr. Leder also indirectly controls, through Leder Charitable Foundation, $2,000,000 principal amount of convertible debentures of the Issuer convertible into 13,333,332 common shares of the Issuer. If such debentures were converted, Mr. Leder would own or control 36.3% of the common shares of the Issuer.
Mr. Leder acquired the common shares of the Issuer for investment purposes and may acquire or dispose of common shares as circumstances or market conditions warrant.
A report respecting this transaction will be electronically filed with the Securities Commissions in British Columbia, Alberta, Saskatchewan, Ontario and Quebec and will be available for viewing at www.sedar.com. A copy of the report can be obtained by contacting Vern Fauth.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FairWest Energy Corporation
Chief Executive Officer