High River, Alberta – The Western Investment Company of Canada Limited (“WICC” or “Western”) (TSXV:WI) announces that it has obtained regulatory approval to proceed with a normal course issuer bid (the “Bid“) whereby Western may purchase up to a total of 1,500,000 common shares in the capital of the Corporation (“Common Shares“) representing approximately 5.0% of the Common Shares currently issued and outstanding (30,287,756 common shares were outstanding as of today’s date).
It is expected that the Bid will commence on February 10, 2023 and terminate on February 9, 2024. All acquisitions of Common Shares by the Corporation pursuant to the Bid will be made through the facilities of TSX Venture Exchange Inc. as well as other recognized Canadian exchanges and alternative trading systems at the market price of the Common Shares at the time of the acquisition. There are no persons acting jointly or in concert with the Corporation in respect of the Bid.
WICC believes that there is a potential that the market price may not reflect the underlying value of the Corporation given the lack of liquidity in the Common Shares. The Bid will allow the Corporation to stabilize the trading price of the Common Shares and at such times, represents an appropriate use of the Corporation’s financial resources and would be in the best interests of shareholders.
The Corporation has appointed ATB Capital Markets Inc. to conduct the Bid on its behalf.
About The Western Investment Company of Canada
Western is a unique publicly traded, private equity company founded by a group of successful Western Canadian business people, and dedicated to building and maintaining ownership in successful Western Canadian companies, and helping them to grow. The company’s shares are traded on the TSX Venture Exchange under the symbol WI. For more information on the company, please visit its website at www.winv.ca.
The Western Investment Company of Canada Limited
President and Chief Executive Officer
This news release may contain certain forward-looking information and statements, including without limitation, statements pertaining to future plans, acquisitions, financings and earnings. Statements containing the words: ‘believes’, ‘intends’, ‘expects’, ‘plans’, ‘seeks’ and ‘anticipates’ and any other words of similar meaning are forward-looking. All statements included herein involve various risks and uncertainties because they relate to future events and circumstances beyond Western’s control. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of 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.sedar.com. Any forward looking statements are made as of the date of this news release and Western does not undertake to update any forward-looking information except in accordance with applicable securities laws.
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