UPDATE: Vicwest Inc. Announces $30,000,000 Financing of 5.25% Convertible Unsecured Subordinated Debentures

OAKVILLE, ONTARIO--(Marketwired - Nov. 12, 2013) -

This document corrects and replaces the press release previously issued today at 15:58 ET. The figure of 5.00% in the headline has been changed to 5.25%.

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

Vicwest Inc. (the "Company" or "Vicwest") (TSX:VIC)(TSX:VIC.DB) announced today that it has reached an agreement with a syndicate of underwriters led by National Bank Financial Inc., CIBC World Markets Inc. and RBC Capital Markets Inc. (the "Underwriters"), pursuant to which the Company will issue on a "bought-deal" basis, subject to regulatory approval, $30,000,000 aggregate principal amount of convertible unsecured subordinated debentures (the "Debentures") at a price of $1,000 per Debenture (the "Offering"). The Company has granted to the Underwriters an over-allotment option to purchase up to an additional $4,500,000 aggregate principal amount of Debentures at the same price, exercisable in whole or in part at any time for a period of up to 30 days following closing of the Offering, to cover over-allotments. The Company intends to use the net proceeds from the Offering to reduce indebtedness, for future acquisitions and for general corporate purposes.

The Debentures will bear interest from the date of issue at 5.25% per annum, payable semi-annually in arrears on December 31 and June 30 each year commencing June 30, 2014. The Debentures will each have a maturity date of December 31, 2018 (the "Maturity Date").

The Debentures will be convertible at the holder's option at any time prior to the close of business on the earlier of the Maturity Date and the business day immediately preceding the date specified by the Company for redemption of the Debentures into common shares at a conversion price of $18.90 per common share, being a conversion rate of 52.9101 common shares for each $1,000 principal amount of Debentures.

Closing of the Offering is expected to occur on or about December 4, 2013. The Offering is subject to normal regulatory approvals, including approval of the Toronto Stock Exchange. The Debentures will be offered in each of the provinces and territories of Canada by way of a short form prospectus, and by way of private placement in the United States to Qualified Institutional Buyers pursuant to Rule 144A.

ABOUT VICWEST INC.

Vicwest Inc. is a leading manufacturer and distributor of engineered storage and handling systems for grain, fertilizer and liquid storage as well as building construction products for agriculture, commercial, industrial and residential markets. We operate through two strategically aligned divisions: Vicwest Building Products and Westeel. With approximately 7,000 customers, 1,200 dedicated employees and 34 business partners, we are positioned for growth in domestic and international markets. Vicwest Inc. is a member of the S&P/TSX SmallCap Index. For more information, visit www.vicwestinc.com.

Forward-Looking Statements

Certain statements in this news release constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements include, but are not limited to, management's beliefs, plans, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "outlook", "objective", "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "should", "plans" or "continue", or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those contemplated by such statements. Readers are encouraged to review the most recently filed Management's Discussion and Analysis and other disclosure documents filed by the Company with Canadian securities regulatory agencies and commissions. Readers are cautioned not to place undue reliance on the Company's forward-looking statements. The forward-looking statements contained herein are made as of the date of this press release and except as required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.