Western Financial Group announces completion of convertible debenture financing



    
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    SERVICES OR OTHERWISE IN THE UNITED STATES./
    

    HIGH RIVER, AB, April 21 /CNW/ - (TSX: WES) Western Financial Group Inc.
(the "Company") announced today that it has completed its previously announced
convertible debenture financing by way of private placement and as a result
has issued $16,710,000 aggregate principal amount of convertible unsecured
subordinated debentures (the "Debentures"). Net proceeds from the financing
will be used to increase ownership of certain strategic investments and for
general corporate purposes.
    The Debentures, which are unsecured and subordinated to senior
indebtedness of the Company, will bear interest at the rate of 12%, payable
semi-annually in arrears, and will mature on June 30, 2014. The Debentures
will be convertible by the holder into common shares of the Company at a
conversion price of $3.00 per common share, subject to adjustment.
    A syndicate of agents, led by TD Securities Inc. ("TD") and comprised of
TD, CIBC World Markets Inc., Desjardins Securities Inc., GMP Securities L.P.,
Jennings Capital Inc., Acumen Capital Finance Partners Limited and Industrial
Alliance Securities Inc., acted as the Company's agents in connection with the
Private Placement.

    Western Financial Group is a leader in providing insurance, financial and
banking services to more than 500,000 individuals and businesses in over 100
communities across Western Canada through its WFG Agency Network locations,
affiliated insurance brokers, Western Life Assurance Company and Bank West.
    The common shares of Western Financial Group are traded on the Toronto
Stock Exchange under the symbol "WES".






For further information:

For further information: please visit www.westernfinancialgroup.net or
contact: Jodi Greig, Investor Relations Manager, Western Financial Group,
(403) 652-2663, Info@westernfinancialgroup.net


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