VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 2, 2013) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
WesternOne Inc. ("WesternOne") (TSX:WEQ)(TSX:WEQ.DB)(TSX:WEQ.DB.B)(TSX:WEQ.DB.C) announced today that it has entered into an agreement with a syndicate of underwriters co-led by National Bank Financial Inc. and Canaccord Genuity Corp., and including Dundee Securities Ltd., Raymond James Ltd., Scotia Capital Inc., GMP Securities L.P., HSBC Securities (Canada) Inc., and BMO Nesbitt Burns Inc. (together the "Underwriters"), pursuant to which WesternOne will issue from treasury, and the Underwriters shall purchase on a "bought-deal" basis 5,860,000 common shares (the "Common Shares"), at a price of $7.68 per Common Share (the "Offering Price") for gross proceeds of $45,004,800 (the "Offering").
WesternOne intends to use the net proceeds from the Offering for funding its capital expenditure program, to reduce indebtedness, for working capital requirements and other corporate purposes.
WesternOne has granted to the Underwriters an over-allotment option to purchase up to an additional 879,000 Common Shares, representing 15% of the size of the Offering. The over-allotment option may be exercised 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.
WesternOne expects to file a preliminary short form prospectus relating to the Offering on December 6, 2013 and closing of the Offering is expected to occur on or about December 19, 2013. The Offering is subject to normal regulatory approvals, including approval of the Toronto Stock Exchange. The Common Shares will be offered in each of the provinces of Canada by way of a short form prospectus.
This press release shall not constitute an offer to sell or a solicitation of any offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and such securities may not be offered or sold within the United States absent registration under the U.S. Securities Act or an applicable exemption from the registration requirements thereunder.
Certain statements in this press release may constitute "forward-looking" information that involves known and unknown risks, uncertainties and other factors, and it may cause actual results, performance or achievements or industry results, to be materially different from any future results, performance or achievements or industry results expressed or implied by such forward-looking information. Forward-looking information is identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will", "would", and similar terms and phrases, including references to assumptions. Such information includes, without limitation, statements with respect to the filing of a preliminary short form prospectus, the closing of the Offering or the over-allotment option and the use of proceeds therefrom. Actual events or results may differ materially.
Forward-looking information contained in this press release is based on certain key expectations and assumptions made by WesternOne, including, without limitation: the outlook of WesternOne's business and the economy in Western Canada, the U.S. and Australia, the supply and demand for WesternOne's products and services and management's assessment of future plans and operations. Although the forward-looking information contained in this press release is based upon what the WesternOne's management believes to be reasonable assumptions, WesternOne cannot assure investors that actual results will be consistent with such information. Forward-looking information reflects current expectations of management regarding future events and operating performance as of the date of this press release. Such information involves significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking information, and a description of these factors can be found under "Risk Factors" in WesternOne's Annual Information Form dated March 28, 2013 and Management's Discussion and Analysis dated November 14, 2013, which are available on SEDAR (www.sedar.com).
The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. Forward-looking information reflects management's current beliefs and is based on information currently available to WesternOne. The forward-looking information is made as of the date of this press release and WesternOne assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be required by applicable law.
About WesternOne Inc.
WesternOne Inc. seeks to acquire and grow businesses in the construction and infrastructure services sectors in order to generate stable and growing dividends to its shareholders as well as to achieve capital appreciation.
Additional information relating to WesternOne and other public filings is available on SEDAR at www.sedar.com or on WesternOne's website at www.weq.ca.
Toronto Stock Exchange: WEQ, WEQ.DB, WEQ.DB.B, and WEQ.DB.C
THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.