CALGARY, AB / ACCESS Newswire / February 27, 2025 / The Western Investment Company of Canada Limited (TSXV:WI) ("Western") today announced that it has given notice to holders of debentures issued pursuant a debenture Indenture dated October 24, 2023, between Western and Odyssey Trust Company (the "Indenture") that it has triggered the forced conversion provisions of the Indenture. This follows the 20-day volume weighted average price of Western's common shares reaching $0.67 on February 25, 2025, exceeding the threshold of $0.65 set out in the Indenture. The outstanding principal amount of the debentures, totaling $5,000,000, will be converted into 10,582,010 common shares of Western at a price of $0.4725 per share at the close of business on March 7, 2025. All accrued and unpaid interest from October 1, 2024, to March 7, 2025, will be paid concurrently to the debenture holders and all debentures will be cancelled effective March 7, 2025.
"We are extremely grateful for the level of interest and support from Western shareholders, and we look forward to continuing to pursue accretive transactions with the benefit of an entirely de-levered balance sheet," said Paul Rivett, Chief Executive Officer of Western.
Western is a Canadian-based holding company which, through its subsidiaries, is primarily involved with insurance and investments.
For more information on Western, please visit its website at www.winv.ca.
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CONTACT INFORMATION - The Western Investment Company of Canada Limited
Stacey Cross Chief Financial Officer at scross@winv.ca
Advisories
This news release may contain certain forward-looking information and statements, including without limitation, statements pertaining to the number of Common Shares which may be issued pursuant to the conversion. Statements containing the words: 'believes', 'intends', 'expects', 'plans', 'seeks' and 'anticipates' and any other words of similar meaning are forward-looking. All statements included herein involve various risks and uncertainties because they relate to future events and circumstances beyond Western's control. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in Western's disclosure documents on the SEDAR+ website at www.sedarplus.ca. Any forward looking statements are made as of the date of this news release and Western does not undertake to update any forward-looking information except in accordance with applicable securities laws.
"Neither the TSX Venture Exchange nor its Regulatory Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
SOURCE: The Western Investment Company of Canada Limited
