Western Investment Company of Canada Announces Private Placement of Convertible Unsecured Debentures and Issuer Bid

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[{"type":"text","content":"Western Investment Company of Canada Announces Private Placement of Convertible Unsecured Debentures and Issuer BidHigh River, Alberta--(Newsfile Corp. - October 10, 2023) - The Western Investment Company of Canada Limited (TSXV: WI) (\"WICC\" or \"Western\") announces that it plans to raise up to $5 million through the issuance of a new convertible debenture. The debenture targets new cash investors and also invites existing debenture holders to exchange their notes for an extended timeframe, at a higher interest rate, and with a more favourable conversion right than their current debenture.Offering DetailsThe offering is a non-brokered private placement of convertible unsecured subordinated debentures (the \"Debentures\") in the aggregate principal amount of up to $5,000,000 (the \"Offering\") for consideration of cash in the amount of $1,000 per Debenture or exchangeable pursuant to an issuer bid for existing Western convertible debentures due March 31, 2024 (the \"Existing Debentures\").Each Debenture will be convertible into common shares of WICC (\"Common Shares\") at a conversion price of $0.48 per share. The Debentures will mature on December 31, 2025 (\"Maturity Date\") and bear interest at the rate of 9.60% per annum, payable semi-annually in arrears at the end of March and September. If, commencing on and from the Closing Date (as defined below) and prior to the Maturity Date, the closing price of the Common Shares on the TSX Venture Exchange is $0.65 or greater for the preceding 20 trading days, WICC may, at its option, force the conversion of the Debentures into Common Shares. The proceeds of the Offering are expected to be used to refinance Western's Existing Debentures and general working capital purposes. The initial closing date of the Offering is expected to occur on or about November 15, 2023 and additional closings may occur subsequent to the initial closing date (\"Closing Date\") and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approval including the approval of the TSX Venture Exchange. The Debentures are expected to be eligible for RRSP, RESP, RRIF, TFSA and DPSP accounts and will be subject to a statutory hold period that extends four months and one day from the Closing Date.In connection with the Offering, registered brokers are entitled to rece...

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