Wilmington Capital Management Inc.

Wilmington Capital Management Inc.

September 03, 2010 16:32 ET

Wilmington Arranges Alternative Financing; Will Not Proceed With Previously Announced Class A Share Offering

TORONTO, ONTARIO--(Marketwire - Sept. 3, 2010) - Wilmington Capital Management Inc. ("Wilmington") (TSX:WCM) (TSX:WCM.A) (TSX:WCM.B) announced today that it has arranged alternative financing that the corporation believes is more suited to meeting its near-term objective of building a strong platform in the self-storage industry than the Class A Share offering (the "Offering") described in the corporation's prospectus dated August 4, 2010 (the "Prospectus"). Wilmington believes that this alternative financing provides a lower cost of capital and will be sufficient to cover any near-term opportunities which the corporation elects to pursue as part of the self-storage initiative. The corporation will revisit its long-term capital requirements at a future time.

Accordingly, Wilmington has decided not to proceed with the Offering as described in the Prospectus. In accordance with the terms of the Offering, all funds previously provided by subscribers will be returned within 30 days of August 27, 2010, the expiration date for the Offering.

Forward Looking Statements

This press release contains forward looking statements. Although Wilmington believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because Wilmington can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties.

The forward looking statements contained in this press release are made as of the date hereof and Wilmington undertakes no obligations to update publicly or revise any forward looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Reference should also be made to the most recent annual information form for a description of the major risk factors.

Contact Information

  • Wilmington Capital Management Inc.
    Joseph F. Killi
    President and CEO
    (416) 867-9370