Western Financial Group Inc.

Western Financial Group Inc.

November 10, 2006 10:05 ET

Western Financial Group Announces Common Share Offering

HIGH RIVER, ALBERTA--(CCNMatthews - Nov. 10, 2006) -


Western Financial Group Inc. (TSX:WES) is pleased to announce that it has entered into an agreement with a syndicate of underwriters co-led by Desjardins Securities Inc. and Jennings Capital Inc., and including CIBC World Markets Inc., TD Securities Inc. and Acumen Capital Finance Partners Limited. 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 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, 2006. 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, 2006, and is subject to certain conditions including, but not limited to, receipt of all necessary approvals including approval of the Toronto Stock Exchange, and Canadian securities regulatory authorities.

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

About Western Financial Group

Western Financial Group is one of the leading western-based financial service companies in Western Canada. With offices in towns and small cities across the West, the Company provides more than 250,000 customers with insurance, investment and banking products through WFG Agency Network, Western Life and Bank West.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States (or any other jurisdiction where it would not be allowed). The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or unless an exemption from such registration is available.

Forward-Looking Statements

Statements contained in this news release that are not historical facts are forward-looking statements that involve various risks and uncertainty affecting the business of Western Financial Group. Actual results realized may vary materially from the information provided in this news release. As a result, there is no representation by Western Financial Group that actual results realized in the future will be the same in whole or in part as those presented herein.

The Toronto Stock Exchange neither approves nor disapproves of the contents of this Press Release.

Contact Information

  • Western Financial Group
    Jodi Greig
    Corporate Communications Manager
    (403) 652-2663
    Email: info@westernfinancialgroup.net/
    Website: www.westernfinancialgroup.net