In This Article:
CALGARY, Alberta, Dec. 19, 2024 (GLOBE NEWSWIRE) -- The Western Investment Company of Canada Limited (TSXV: WI) ("Western" or "WICC"), today closed the over-subscribed private placement announced on August 30, 2024, and upsized on September 26, 2024, in its entirety following the receipt of $1.1 million that was outstanding. Unless otherwise indicated, financial figures are expressed in Canadian dollars.
On August 30, 2024 WICC announced a private placement of units (“Units”) that was subsequently upsized on September 26, 2024 to $25 million, with an additional $5 million over-allotment at Western’s option, for aggregate gross proceeds of $30 million (the “Private Placement”). In aggregate, WICC has issued 75,000,000 Units in the Private Placement for gross proceeds of $30 million (including the 2,750,000 Units issued in today's closing).
Each Unit of the Private Placement consisted of one common share in WICC (“Common Share”) and one warrant to purchase a Common Share (each a “Warrant“), with each Warrant exercisable to purchase one additional Common Share for a period of five years from the closing date at an exercise price of $0.47 per share. The Common Shares and Warrants issued in the Private Placement are subject to a 4-month hold period from the closing date. See "Legal Disclaimers regarding Private Placement" below for further information.
The proceeds from the Private Placement are expected to be used towards: (i) the acquisitions of new portfolio companies in the insurance sector; (ii) general and administrative expenses; (iii) capital expenditures, including increasing its interest in Fortress Insurance Company to 100% as previously announced; and (iv) unallocated capital to be available for future growth.
The Private Placement remains subject to the final approval of the TSX Venture Exchange.
About The Western Investment Company of Canada Limited
Western is a unique publicly traded, private equity company founded by a group of successful Western Canadian businesspeople, and dedicated to building and maintaining ownership in successful Western Canadian companies, and helping them to grow. Western's shares are traded on the TSX Venture Exchange under the symbol WI.
For more information on Western, please visit its website at www.winv.ca.
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CONTACT INFORMATION - The Western Investment Company of Canada Limited
Stacey Cross, Chief Financial Officer (scross@winv.ca)
Advisories
This document contains forward-looking statements. More particularly, this document contains statements concerning the anticipated use of proceeds of the Private Placement. Readers are cautioned that the foregoing list of statements should not be construed as exhaustive.