Canadian Western Bank
TSX : CWB

Canadian Western Bank

July 07, 2016 08:05 ET

CWB Announces Closing of Common Share Offering

EDMONTON, ALBERTA--(Marketwired - July 7, 2016) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Canadian Western Bank (TSX:CWB) today announced that it has closed its public offering of common shares. CWB issued 6,125,000 common shares (the "Shares") at a price of $24.50 per Share to raise gross proceeds of approximately $150 million. The offering was underwritten on a bought deal basis by a syndicate led by BMO Capital Markets and National Bank Financial Inc. Net proceeds from the offering will be added to CWB's capital base and used for general corporate purposes.

The Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or under any state securities laws, and may not be offered, sold, directly or indirectly, or delivered within the United States of America and its territories and possessions or to, or for the account or benefit of, United States persons except in certain transactions exempt from the registration requirements of such Act and applicable state securities laws. This press release shall not constitute an offer to sell or a solicitation of an offer to buy securities in the United States.

About CWB Group

CWB Group (CWB) is a diversified financial services organization serving businesses and individuals across Canada. Operating from its headquarters in Edmonton, Alberta, CWB's key business lines include full-service business and personal banking offered through 42 branches of Canadian Western Bank and Internet banking services provided by Canadian Direct Financial (CDF). Highly responsive specialized financing is delivered under the banners of CWB Equipment Financing, National Leasing, CWB Maxium Financial, CWB Optimum Mortgage and CWB Franchise Finance. Trust Services are offered through Canadian Western Trust. Comprehensive wealth management offerings are provided through CWB Wealth Management, which includes the businesses of Adroit Investment Management, McLean & Partners Wealth Management and Canadian Western Financial. As a public company on the Toronto Stock Exchange (TSX), CWB trades under the symbols "CWB" (common shares), "CWB.PR.B" and "CWB.PR.C" (Series 5 Preferred Shares and Series 7 Preferred Shares, respectively). Learn more at www.cwb.com.

Contact Information

  • Canadian Western Bank
    Matt Evans, CFA
    Senior AVP, Strategy & Investor Relations
    (780) 969-8337
    matt.evans@cwbank.com