PACIFIC & WESTERN CREDIT CORP. ANNOUNCES APPROXIMATELY C$30 MILLION EQUITY FINANCING

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./

LONDON, ON, April 28 /CNW/ - Pacific & Western Credit Corp. (TSX: PWC) (the "Corporation") is pleased to announce that it has filed a preliminary short form prospectus in connection with an overnight marketed public offering (the "Offering") of the Corporation's units ("Units"), to raise approximately C$30,000,000. Each Unit consists of one common share in the capital of the Corporation (a "Common Share") and one-half of one common share purchase warrant (each whole warrant, a "Warrant").  Each Warrant will entitle the holder thereof to acquire one Common Share at a premium of 25% to the Offering price. The Offering will be priced in the context of the market with final terms of the Offering to be determined at the time of the pricing.

The Offering will be conducted through a syndicate of underwriters led by Canaccord Genuity Corp. (the "Underwriters"). The Corporation has granted to the Underwriters an option (the "Over-Allotment Option") to purchase additional Units at the Offering price, exercisable in whole or in part at any time within 30 days after the closing date.

The Corporation plans to use the net proceeds of the Offering to reduce external debt of the Corporation, provide additional capital for growth and for working capital purposes.

The Offering is expected to close on or around May 19, 2011 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Toronto Stock Exchange and other securities regulatory authorities.

Pacific & Western Bank of Canada ("PW Bank") is wholly owned by Pacific & Western Credit Corp. PW Bank, a Canadian Schedule I chartered bank, is a branchless financial institution. It specializes in providing financing throughout Canada to well established corporations and government entities, including hospitals, school boards, universities and colleges, municipalities, provinces and territories, and federal government agencies.

Investor Relations: Wade MacBain, Director (800) 244-1509, wadem@pwbank.com;

Public Relations & Media: Tel Matrundola, Vice-President, (866) 787-9936, telm@pwbank.com

To receive company news releases, please contact:
Carla McPhee at carlam@pwbank.com, (519) 675-4204

SOURCE Pacific

For further information:

Please visit our website at: http://www.pwbank.com

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Pacific & Western Credit Corp.

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