By Devika Patel
Knoxville, Tenn., June 10 - Western Financial Group Inc. said it will take in C$10 million in a private placement of stock. It also plans to raise another C$15.01 million through a public offering of stock.
In the private placement, the company will sell common shares at C$2.65 apiece via lead agent TD Securities Inc. The shares in the public sale are priced at C$2.65 as well.
Settlement of both deals is expected June 29.
Proceeds of both deals will initially be added to working capital and subsequently used to fund the company's ongoing insurance brokerage acquisition program and for general corporate purposes.
Western Financial is a financial services company based in High River, Alta.
| Issuer: | Western Financial Group Inc.
|
| Issue: | Common stock
|
| Amount: | C$10 million
|
| Price: | C$2.65
|
| Warrants: | No
|
| Agent: | TD Securities Inc. (lead)
|
| Pricing date: | June 10
|
| Settlement date: | June 29
|
| Stock symbol: | Toronto: WES
|
| Stock price: | C$2.88 at close June 9
|
| Market capitalization: | C$139 million
|
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