Westaim terminates reorganization agreement and cancels shareholders' meeting

About this update from Westaim Corporation

[{"type":"text","content":"\n\n\n\nCALGARY, Nov. 4 /CNW/ - The Westaim Corporation announced today that its\nreorganization agreement with several western Canadian construction services\ncompanies has been terminated.\n\n\nUnder the terms of the proposed reorganization agreement dated on\nOctober 3, 2008, subscription agreements for a private placement of common\nshares for gross proceeds of $15 million were required to be signed and\ndelivered within 14 days of the mailing of the information circular for\nWestaim's special meeting of shareholders. Due to the current volatile state\nof the financial markets and the general state of the investment climate,\nsufficient subscribers for the private placement could not be found.\n\n\nAs a consequence of terminating the reorganization agreement, Westaim has\ncancelled the shareholders' meeting called for November 21, 2008.\n\n\n"Westaim will continue its review of strategic alternatives in light of\nthis development," said Drew Fitch, President & CEO, The Westaim Corporation.\n"The board of directors will examine all possible options for the longer-term\nstructure of the company moving forward and remain committed to realizing\nmaximum value for shareholders."\n\n\nThe Westaim Corporation's common shares are listed on The Toronto Stock\nExchange under the trading symbol WED.\n\n\n%SEDAR: 00002793E\n\n\n","length":1415,"tagName":"div"}]

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