Western Investment Company of Canada Closes Private Placement and Issuer Bid with Maximum Proceeds of $5 Million

About this update from Western Investment Company Of Canada Limited

[{"type":"text","content":"Western Investment Company of Canada Closes Private Placement and Issuer Bid with Maximum Proceeds of $5 MillionHigh River, Alberta--(Newsfile Corp. - December 4, 2023) - The Western Investment Company of Canada Limited (TSXV: WI) (\"WICC\" or \"Western\") is pleased to confirm closing of its previously announced private placement of new convertible debentures and issuer bid for existing convertible debentures.Completion of Issuer Bid / Exchange for New DebenturesWestern announces the results of its issuer bid (the \"Offer\") to purchase for cancellation up to $4.0 million of its convertible debentures due March 31, 2024 (\"Existing Debentures\"). The offer expired at 5:00 PM (Eastern Time) on November 28, 2023.Based on a count by Odyssey Trust Company (the \"Depositary\"), Western will take up and purchase for cancellation a principal amount of $2,875,000 of Existing Debentures. In exchange for each $1,000 in principal of Existing Debentures purchased under the Offer, each holder who accepted the Offer will receive payment of accrued interest, plus $1,000 in principal of new 2025 Debentures (as defined below). The Existing Debentures to be purchased under the Offer represent approximately 72% of the issued and outstanding Existing Debentures. After giving effect to the Offer, Western expects approximately $1,125,000 of principal amount of Existing Debentures to be issued and outstanding.The full details of the Offer are described in the offer to purchase and issuer bid circular dated October 24, 2023, as well as the related letter of transmittal, copies of which were filed and are available on SEDAR+ at www.sedarplus.ca.Update on Cash Purchases of New Debentures by Way of Private PlacementThe private placement announced on October 10, 2023 is a non-brokered private placement of convertible unsecured subordinated debentures (the \"2025 Debentures\") for consideration of cash in the amount of $1,000 per 2025 Debenture (the \"Private Placement\"). Each 2025 Debenture is convertible into common shares of Western (\"Common Shares\") at a conversion price of $0.48 per share. The 2025 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...

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