Western Financial Group Inc. announced today that it has completed its previously announced public offering of 10,350,000 subscription receipts.

The offering, which includes an over-allotment of 1,350,000 subscription receipts, raised gross proceeds of $22,252,500.

Western Financial says the net proceeds of the offering will be used to fund a portion of the purchase price of the previously announced acquisition of Federated Life Insurance Co. of Canada. That deal remains subject to regulatory approval and is expected to be close before February 28.

Each subscription receipt entitles the holder thereof to receive, without payment of additional consideration, one common share of Western Financial upon closing of the Federated Life deal.

The syndicate of underwriters was led by CIBC World Markets Inc. and included Canaccord Capital Corp., First Associates Investments Inc. and Jennings Capital Inc.

Western Financial Group is a financial services organization with a focus on “small town” Western Canada.