Calgary, Alberta – February 24, 2016. The Western Investment Company of Canada Limited (the “Corporation”) (TSX Venture: WI.P) announces it has completed its initial public offering (the “Offering”) raising gross proceeds of $4,500,000, pursuant to a final prospectus dated January 29, 2016. A total of 9,000,000 common shares in the capital of the Corporation (the “Shares”) were subscribed for at a price of $0.50 per Share. Richardson GMP Limited (the “Agent”) acted as the agent for the Offering. The Agent received a cash commission equal to 10% of the gross proceeds of the Offering, a corporate finance fee of $15,000 plus GST and an option to purchase up to 900,000 Shares at a price of $0.50 per Share for a period of two years.
The Corporation now has 11,000,000 Shares issued and outstanding, with the directors, officers and seed shareholders of the Corporation, in aggregate, holding 2,000,000 Shares which are subject to escrow restrictions.
The Corporation has also granted 960,000 incentive stock options to its directors and officers which are exercisable for a period of ten years from the date of the grant at an exercise price of $0.50 per Share.
The Shares have been listed on the TSX Venture Exchange Inc. and began trading today under the stock symbol WI.P.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
ABOUT THE CORPORATION
The Corporation is a capital pool company (a “CPC”) that has not commenced commercial operations and has no assets other than cash. Except as specifically contemplated in the TSX Venture Exchange Inc.’s CPC policy, until the completion of its qualifying transaction, the Corporation will not carry on business, other than the identification and evaluation of businesses or assets with a view to completing a proposed qualifying transaction.
For further information, please contact:
President and Chief Executive Officer
The Western Investment Company of Canada Limited
Telephone: (403) 652-2663
Neither 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 news release.