Resume Trading, Qualifying Transaction-Completed/New Symbol, Shares for Services, Company Tier Reclassification

THE WESTERN INVESTMENT COMPANY OF CANADA LIMITED (“WI”)

[formerly THE WESTERN INVESTMENT COMPANY OF CANADA LIMITED (“WI.P”)]

BULLETIN TYPE: Resume Trading, Qualifying Transaction-Completed/New Symbol, Shares for Services, Company Tier Reclassification

BULLETIN DATE: December 19, 2016

TSX Venture Tier 2 Company

 

1. Resume Trading

Effective at the opening on Tuesday, December 20, 2016, trading in the Western Investment Company of Canada Limited (the “Company”) shares will resume.

 

2. Qualifying Transaction

TSX Venture Exchange has accepted for filing the Company’s Qualifying Transaction described in its Filing Statement dated December 9, 2016.  As a result, at the opening on December 20, 2016, the Company will no longer be considered a Capital Pool Company.  The Qualifying Transaction includes the following:

 

The Qualifying Transaction consists of the arm’s length acquisition of a 50.1% interest in an automotive glass service business providing repair and replacement of windshields, side windows, side mirrors, rear windows, and sun roofs, and the importation and wholesale of glass parts and related automotive glass repair and replacement materials from Sweet Pea Enterprises Inc. (“Sweet Pea”), which is owned by Miles and Karyn Palmer, for consideration of $4,010,000 in cash paid by the Company pursuant to the Asset Purchase Agreement dated November 30, 2016. 

 

For further information on the Qualifying Transaction, please refer to the Company’s Filing Statement available on SEDAR.

 

The Exchange has been advised that the above transaction has been completed.

 

In addition, the Exchange has accepted for filing the following: 

 

3. Shares for Services

TSX Venture Exchange has accepted for filing the Company’s proposal to issue an aggregate of 443,006 shares at a deemed price of $0.50 in consideration of certain consulting services provided by four individuals to the company.

 

Insider / Pro Group Participation: None

 

4. Company Tier Reclassification

In accordance with Policy 2.5, the Company has met the requirements for a Tier 1 company.  Therefore, effective Tuesday, December 20, 2016, the Company’s Tier classification will change from Tier 2 to:

 

Classification

Tier 1

 

Capitalization: Unlimited shares with no par value of which 11,443,006 shares are issued and outstanding

Escrow: 2,139,000 shares, 2,090,000 of which are subject to a CPC Escrow Agreement and 49,000 of which are subject to a Tier 1 Value Security Escrow Agreement

Symbol: WI same symbol as CPC but with .P removed

The Company is classified as a “Industrial” company.

Company Contact: Scott Tannas, President and Chief Executive Officer

Company Address: 1010 – 24th Street S.E., High River, Alberta  T1V 2A7

Company Phone Number: 403-652-2663

Company Email Address: stannas@winv.ca