Pacific & Western Bank of Canada Announces Closing of Over-Allotment Option
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LONDON, ON, Sept. 17, 2013 /CNW/ - Pacific & Western Bank of Canada (the "Bank") (TSX:PWB) is pleased to announce that the syndicate of agents led by RBC Dominion Securities Inc. and including PI Financial Corp., Dundee Securities Ltd., Industrial Alliance Securities Inc. and MGI Securities Inc. (collectively, the "Agents") have purchased an additional 225,000 common shares ("Common Shares") of the Bank at a price of $7.25 per Common Share, pursuant to the full exercise of the over-allotment option granted to the Agents in connection with the initial public offering of Common Shares, which closed on August 27, 2013.
The Bank will receive aggregate gross proceeds of $1,631,250 from the sale of these additional Common Shares. The Common Shares are listed for trading on the Toronto Stock Exchange under the symbol "PWB".
The Bank, a Canadian Schedule I chartered bank, raises deposits through various deposit brokers located across Canada and invests these deposits in loans, leases, commercial mortgages, residential development mortgages and debt of corporations.
No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities described above have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.
SOURCE Pacific & Western Bank of CanadaFor further information:
Investor Relations: Wade MacBain, Director, (800) 244-1509, firstname.lastname@example.org
Public Relations & Media: Tel Matrundola, Vice-President, (416) 203-0882, email@example.com
Visit our website at: http://www.pwbank.com