The Western Investment Company of Canada Limited announced a non-brokered private placement of 9.69% 5,000 convertible unsecured subordinated debentures at a price of CAD 1,000 per debenture for gross proceeds of up to CAD 5,000,000 on October 10, 2023. Each debenture will be convertible into common shares at a conversion price of CAD 0.48 per share. The debentures will mature on December 31, 2025, and bear interest at the rate of 9.60% per annum, payable semi-annually in arrears at the end of March and September.

If, commencing on and from the closing date and prior to the maturity date, the closing price of the common shares on the TSX Venture Exchange is CAD 0.65 or greater for the preceding 20 trading days, WICC may, at its option, force the conversion of the debentures into common shares. The initial closing date of the offering is expected to occur on or about November 15, 2023, and additional closings may occur subsequent to the initial closing date and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approval including the approval of the TSX Venture Exchange. The debentures will be subject to a statutory hold period that extends four months and one day from the closing date.

The registered brokers are entitled to receive a cash commission equal to 2% of the aggregate proceeds of the portion of the offering sold to subscribers sourced by such registered broker.