Western Financial Group Inc.

Western Financial Group Inc.

November 09, 2006 15:06 ET

Western Financial Group Announces Filing of Preliminary Prospectus

HIGH RIVER, ALBERTA--(CCNMatthews - Nov. 9, 2006) -


Western Financial Group Inc. (the "Company") (TSX:WES) is pleased to announce that it has filed a short form preliminary prospectus in respect of an offering of common shares on an overnight marketed basis with Canadian securities regulatory authorities in each of the Provinces of Canada. The offering is being conducted by 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.

The exact number of common shares and the price per common share will be determined in the context of the market with final terms to be determined at the time of pricing. The maximum size of the proposed offering is $25 million including an underwriters' option, exercisable by the underwriters at any time prior to the close of business on November 13, 2006. In addition, the Company has granted to the underwriters an over-allotment option, exercisable at any time until 30 days following the closing, to purchase an additional 15% of the common shares issued under the offering to cover over-allotments, if any, and for market stabilization purposes.

Net proceeds from the proposed offering will be used to fund future acquisitions, and for general corporate purposes. The offering is expected to close on November 28, 2006.

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.

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