SOURCE: The Western Investment Company of Canada Limited

April 28, 2016 08:00 ET

The Western Investment Company of Canada Limited Reports Year End 2015 Results

HIGH RIVER, AB--(Marketwired - April 28, 2016) -

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The Western Investment Company of Canada Limited (TSX VENTURE: WI.P) reported initial investment of $500,000 less deferred share issuance costs. The Corporation has not yet commenced commercial operations and as such, currently there are no assets of the Corporation except cash of $476,875. Expenses to date are related to accounting and legal fees paid in the due course of setting up the Corporation. Subsequent to year end, the corporation completed its initial public offering, raising gross proceeds of 4.5 million, and this transaction will be reflected in the statements for March 31, 2016.

FINANCIAL HIGHLIGHTS

 
For the period from October 28 to December 31
(in Canadian $ thousands except for per share amounts)
  2015   2014   % Change
Total Revenue   $0   n/a   n/a
Operating Expenses   $34.9   n/a   n/a
Net Income (Loss)   ($34.9)   n/a   n/a
Earnings (Loss) per Share - Basic   ($0.02)   n/a   n/a
Earnings (Loss) per Share - Diluted   ($0.02)   n/a   n/a
             
Total Assets   $476.9   n/a   n/a
Total Long Term Liabilities   $0   n/a   n/a
             
             

BUSINESS OF THE WESTERN INVESTMENT COMPANY OF CANADA LIMITED

The Western Investment Company Of Canada Limited was incorporated pursuant to the provisions of the Business Corporations Act (Alberta) on October 28, 2015. The principal business of the Corporation is to identify and evaluate assets or businesses with a view to potentially acquire them or an interest therein by completing a qualifying transaction. The purpose of such an acquisition is to satisfy the related conditions of a Qualifying Transaction under the TSX Venture Exchange (the "Exchange") rules.

The Company's Financial Report for the year ended December 31, 2015 will be filed on SEDAR on or before April 29, 2016.

Certain statements contained in this document constitute "forward-looking information". When used in this document, the words "may", "would", "could", "will", "intend", "plan", "propose", "anticipate", "believe", used by any of the Corporation's management, are intended to identify forward-looking information. Such statements reflect the Corporation's forecasts, estimates and expectations, as they relate to the Corporation's current views based on their experience and expertise with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause the Corporation's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements.

Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The Corporation does not intend, and does not assume any obligation, to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments unless required by law.

Contact Information

  • For further information, please contact:
    Scott Tannas
    President and CEO
    The Western Investment Company of Canada Limited
    403-652-2663
    Scott.tannas@westernfg.ca