SOURCE: WesternOne Inc.

WesternOne Inc.

August 05, 2016 09:12 ET

WesternOne Inc. Announces Redemption of All Outstanding 8% Extendible Convertible Unsecured Subordinated Debentures

VANCOUVER, BC--(Marketwired - August 05, 2016) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES NEWS WIRE SERVICES

WesternOne Inc. ("WesternOne") (TSX: WEQ) (TSX: WEQ.DB) (TSX: WEQ.DB.C) announced today that it has completed the redemption (the "Redemption") of all outstanding 8% Extendible Convertible Unsecured Subordinated Debentures due June 30, 2018 (the "Debentures"). As at the close of business on August 4, 2016, the last day holders of the Debentures were entitled to convert their Debentures into common shares of WesternOne prior to the Redemption, $71,027,000 principal amount of the Debentures was outstanding. 555,929,295 common shares of WesternOne were issued at a price of approximately $0.1278 per common share in respect of the Redemption. WesternOne paid cash to satisfy the accrued and unpaid interest on the Debentures up to, but excluding, August 5, 2016. After giving effect to the Redemption, a total of 595,590,892 common shares of WesternOne are issued and outstanding.

The Debentures will be delisted from the Toronto Stock Exchange at the close of business today.

Forward-Looking Information

Certain statements in this news 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 timing of delisting of the Debentures from the TSX. Actual events or results may differ materially.

Forward-looking information contained in this news release is based on certain key expectations and assumptions made by WesternOne, including, without limitation: the impact of the current economic climate in Western Canada and the U.S. on WesternOne's operations will remain consistent with WesternOne's current expectations; WesternOne will continue to conduct its operations in a manner consistent with past operations; the supply and demand for WesternOne's products and services will remain consistent with WesternOne's current expectations; the satisfactory timing and receipt of TSX approval with respect to the redemption of the Debentures; and interest and foreign exchange rates will not vary materially from current levels. Although the forward-looking information contained in this news release is based upon what 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 news 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 30, 2016 and Management's Discussion and Analysis dated May 13, 2016, which are both 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 news 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

WesternOne seeks to acquire and grow businesses in the construction and infrastructure services sectors in order to generate value for its shareholders.

Additional Information

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.

Trading Symbols

Toronto Stock Exchange: WEQ, WEQ.DB, 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.

Contact Information

  • For more information about this news release, please contact:

    Carlos Yam
    Chief Financial Officer
    WesternOne Inc.
    Suite 910, 925 West Georgia Street
    Vancouver, BC V6C 3L2
    Phone: (604) 678-4042
    E-mail: cyam@weq.ca

    For investor relations information, please contact:

    Andrew Greig
    Manager of Investor Relations
    WesternOne Inc.
    Suite 910, 925 West Georgia Street
    Vancouver, BC V6C 3L2
    Phone: (604) 678-4042
    E-mail: agreig@weq.ca