First Western Financial Ventures Inc.

December 29, 2006 13:56 ET

First Western Financial Ventures Inc. Announces Closing of Initial Public Offering

CALGARY, ALBERTA--(CCNMatthews - Dec. 29, 2006) -

(NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA)

First Western Financial Ventures Inc. ("First Western" or the "Corporation") announces it has completed its initial public offering ("Offering") raising gross proceeds of $1,800,000, pursuant to a Prospectus dated November 24, 2006. A total of 7,200,000 common shares in the capital of the Corporation (the "Shares") were subscribed for at a price of $0.25 per Common Share. Canaccord Capital Corporation acted as the agent for the Offering, which was fully subscribed.

The Corporation now has 8,800,000 Common Shares outstanding, with the directors and officers of First Western, in aggregate, holding 1,600,000 Common Shares.

The Common Shares of First Western have been conditionally approved for listing on the TSX Venture Exchange and are expected to begin trading within the next two weeks under the stock symbol FWF.P. The Corporation will be completing final filings with TSX Venture Exchange early next week.

Canaccord received a cash commission equal to 10% of the gross proceeds, and an option to purchase 720,000 common shares of the Company for a period of 24 months from the date the Corporation's shares commence trading on the TSX Venture Exchange.

ABOUT FIRST WESTERN

The Corporation is a capital pool company ("CPC") that has not commenced commercial operations and has no assets other than cash. Except as specifically contemplated in the CPC policy, until the completion of the qualifying transaction, the Corporation will not carry on business, other than the identification and evaluation of companies, business or assets with a view to completing a proposed qualifying transaction.

The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • First Western Financial Ventures Inc.
    James D. Walker, President, Chief Executive Officer,
    Chief Financial Officer, Secretary and Director
    (403) 652-0025
    (403) 692-2661 (FAX)