LONDON, ON, Jan. 26 /CNW/ - Pacific & Western Credit Corp. (TSX:PWC) is pleased to announce that it completed another private placement closing of 250,000 of its Class "B" Preferred Shares on January 25, 2010. Net proceeds from this closing are $5.9 million, and net aggregate proceeds from this closing together with the December 30, 2009 private placement closing are $10.7 million. Proceeds will be used for working capital purposes in PWC and to provide additional regulatory capital to PWC's wholly-owned subsidiary, Pacific & Western Bank of Canada (the Bank), to provide for the Bank's growth.
Pacific & Western Credit Corp.'s Class "B" Preferred Shares trade on the TSX under the symbol PWC.PR.B.
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SOURCE Pacific & Western Credit Corp.
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