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



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

    LONDON, ON, Aug. 1 /CNW/ - Pacific & Western Credit Corp. (TSX:PWC) is
pleased to announce that on July 31, 2008 it completed a closing of its
private placement of Series C promissory notes ("Series C Notes"). Gross
proceeds from this closing were $2,920,000, and results in the total number of
Series C Notes outstanding being $47,487,000. The Notes have a coupon of 9%
per annum.
    PWC also completed a closing of a 1 year note of PWC, with a coupon of 7%
per annum. The gross proceeds of the 1 year note were $10 million.
    Net proceeds from the closings 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 in connection with the sale of certain
Series C Notes under the offering.

    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.

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Pacific & Western Credit Corp.

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