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