Pacific & Western Credit Corp. Announces Closing of Private Placement Offering



    /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN
    THE UNITED STATES./

    LONDON, ON, July 2 /CNW/ - Pacific & Western Credit Corp. (TSX:PWC) is
pleased to announce that on June 30, 2008 it completed a closing of its
private placement of Series C promissory notes ("Notes"). Gross proceeds from
this closing were $21,883,000, and results in the total number of Notes
outstanding being $44,567,000. The Notes pay interest at 9% per annum and
mature on October 16, 2018.
    Net proceeds from the offering will be used to fund growth in the
securities and loan portfolio of PWC's wholly owned subsidiary, Pacific &
Western Bank of Canada.
    Finder's fees of 2% will be paid to brokers in connection with the sale
of certain Notes under the offering.

    Not for distribution to U.S. news wire services or dissemination in the
United States.

    Pacific & Western Credit Corp.'s shares trade on the TSX under the symbol
PWC.

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





For further information:

For further information: Investor Relations: (800) 244-1509,
InvestorRelations@pwbank.com; Public Relations & Media: Tel Matrundola,
Vice-President, (416) 203-0882, telm@pwbank.com; Visit our website at:
http://www.pwbank.com

Organization Profile

Pacific & Western Credit Corp.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890