Western Investment Company Closes Outstanding $1.1 Million of the $30 Million Over-Subscribed Private Placement
19 Diciembre 2024 - 6:00AM
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.
To add yourself to our email news alert
subscription please visit this link.
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.
The forward-looking statements are based on
certain key expectations and assumptions made by Western, including
expectations and assumptions concerning the ability of Western to
successfully implement its strategic plans and initiatives.
Although Western believes that the expectations
and assumptions on which the forward-looking statements made by
Western are based are reasonable, undue reliance should not be
placed on the forward-looking statements because no assurance can
be provided that they will prove to be correct. Since
forward-looking statements address future events and conditions, by
their very nature they involve inherent risks and uncertainties.
Actual results could differ materially from those currently
anticipated due to a number of factors and risks. These include,
but are not limited to the ability of management to execute its
business strategy, and the impact of general economic conditions in
Canada and the United States. A description of additional
assumptions used to develop such forward-looking information and a
description of risk factors that may cause actual results to differ
materially from forward-looking information can be found in
Western's disclosure documents on the SEDAR+ website at
www.sedarplus.ca.
The forward-looking statements contained in this
news release are made as of the date hereof and Western undertakes
no obligation to update publicly or revise any forward-looking
statements or information, whether as a result of new information,
future events or otherwise, unless so required by applicable
securities laws.
This news release is not an offer of the
securities for sale in the United States. The securities described
in this news release have not been registered under the United
Securities Act of 1933 or under any U.S. state securities laws, and
may not be offered or sold in the United States or to, or for the
account or benefit of, U.S. persons (as defined in Regulation S
under the U.S. Securities Act of 1933) absent registration or an
exemption from registration. This news release shall not constitute
an offer to sell or a solicitation of an offer to buy nor shall
there be any sale of the securities in any state in which where
such offer, solicitation or sale would be unlawful.
"Neither the TSX Venture Exchange nor
its Regulatory Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release."
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