Western Financial Group Inc. today announce that it has entered into an agreement with a syndicate of underwriters to sell 4,575,000 common shares at a price of $3.50 per common share, to raise gross proceeds of $16,012,500.

The syndicate is co-led by Desjardins Securities Inc. and Jennings Capital Inc., and includes CIBC World Markets Inc., TD Securities Inc. and Acumen Capital Finance Partners Ltd.

The underwriters have also been granted an underwriters’ option to purchase additional common shares, at the issue price and on the same terms and conditions, exercisable at any time prior to 3 p.m. Calgary time on November 13.

In addition, Western Financial has granted to the underwriters an over-allotment option, exercisable at any time until 30 days following the closing of the offering, to purchase an additional 15% of the common shares at the issue price to cover over-allotments, if any.

Closing of the offering is anticipated to occur on or about November 28, and is subject to certain conditions including regulatory approval.

Net proceeds from the proposed offering will be used to fund future acquisitions, and for general corporate purposes.

Western Financial is one of the leading western-based financial service companies in Western Canada.