Westaim Completes Private Placement of Subscription Receipts and Enters into Subscription Agreement for Common Shares for Aggregate Gross Proceeds of Approximately $150 Million

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[{"type":"text","content":"\n\n\nTHIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT\n FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR\n DISSEMINATION IN THE UNITED STATES\n\n\nTORONTO, April 23, 2014 /CNW/ - The Westaim Corporation (\"Westaim\" or the \"Company\") (TSXV: \"WED\") today announced that it has completed the sale of an aggregate of\n 50,995,385 subscription receipts (the \"Subscription Receipts\") at a purchase price of $2.65 per Subscription Receipt for aggregate\n gross proceeds of $135,137,770 (the \"Offering\").  An aggregate of 47,180,380 Subscription Receipts ($125,028,007)\n were sold pursuant to an underwriting agreement between the Company,\n Westaim HIIG Limited Partnership (the \"Partnership\"), GMP Securities L.P. and TD Securities Inc. (together, the \"Joint Bookrunners\") and Cormark Securities Inc. (collectively with the Joint Bookrunners,\n the \"Underwriters\").  The Subscription Receipts sold pursuant to the Underwriting\n Agreement include the exercise in full of the Underwriters' option.  An\n additional 3,815,005 Subscription Receipts ($10,109,763) were sold\n pursuant to a concurrent non-brokered private placement of Subscription\n Receipts (the \"Concurrent Private Placement\").  The Concurrent Private Placement included subscriptions by members\n of the Company's board of directors and management team (collectively,\n the \"Insiders\") for an aggregate of 3,400,000 Subscription Receipts.  The net\n proceeds of the Offering and the Concurrent Private Placement will be\n held in escrow pending satisfaction of the escrow release conditions as\n described below (the \"Escrow Release Conditions\").\n\n\nThe Subscription Receipts were issued under a subscription receipt\n indenture (the \"Indenture\") among Westaim, the Joint Bookrunners and Equity Financial Trust\n Company (the \"Receipt Agent\").  Each Subscription Receipt entitles the holder thereof to receive\n without further consideration or action one common share of the Company\n (each, a \"Common Share\") upon the satisfaction of the Escrow Release Conditions provided that\n such conditions have been satisfied at or prior to the earlier of: (i)\n 4:30 p.m. (Toronto time) on September 12, 2014, and (ii) the\n termination of the stock purchase agreement in respect of the\n Acquisition (as defined below) in...

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