/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
Investor Relations: Wade MacBain, Director (800) 244-1509, email@example.com;
Public Relations & Media: Tel Matrundola, Vice-President, (866)
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Carla McPhee at firstname.lastname@example.org, (519) 675-4204
For further information:
Please visit our website at: http://www.pwbank.com