Western Investment Company Secures $55.8 Million Through Private Placement

The Western Investment Company of Canada Limited has concluded its previously announced brokered private placement, amassing over $55.8 million in gross proceeds. This transaction involved 55,865,500 common shares issued at $1.00 each. Led by Desjardins Capital Markets and TD Securities Inc., the offering also included a partial exercise of the agent's option.

The proceeds aim to support the acquisition of Canadian Farm and Stockmens, with funds also set aside for general corporate purposes and future investments. Shares issued in this private placement carry a statutory hold period until March 2027.

The offering involved related party transactions as four insiders acquired shares worth $2.4 million. These transactions were exempt from certain regulatory requirements due to the conditions not exceeding specific market thresholds.

Final approval from the TSX Venture Exchange is pending, with $1.8 million in commissions paid to the joint lead agents.