WesternOne Equity Income Fund Announces Closing of Non-Brokered Private Placement

VANCOUVER, Nov. 29, 2011 /CNW/ - WesternOne Equity Income Fund ("WesternOne Equity") (TSX: WEQ.UN) (TSX: WEQ.DB.B) (TSX: WEQ.DB.C) today announced that it has closed its non-brokered private placement of 929,150 trust units from treasury for gross proceeds of $5,026,701.50 (the "Private Placement"). The details of the Private Placement were previously disclosed in a news release by WesternOne Equity on November 16, 2011.

The proceeds from the Private Placement are expected to be used by WesternOne Equity for working capital and capital expenditures, including to finance expansion plans in the United States under the Britco division, as well as other expansion plans relating to future business acquisitions as may be deemed appropriate by WesternOne Equity. WesternOne Equity will retain broad discretion in allocating (based on sound business principles) the net proceeds not applied in the manner set out above and WesternOne Equity's actual use of the net proceeds may vary depending on its operating and capital needs from time to time.

Forward-looking Information

Certain statements in this press release may constitute "forward-looking" information that involves known and unknown risks, uncertainties and other factors, and it may cause actual results, performance or achievements or industry results, to be materially different from any future results, performance or achievements or industry results expressed or implied by such forward-looking information. Forward-looking information is identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will", "would", and similar terms and phrases, including references to assumptions. Such information may involve, but is not limited to, the anticipated use of the proceeds of the Private Placement and comments with respect to strategies, expectations, planned operations or future actions associated with Britco's expansion plans in the United States as well as other potential expansion plans relating to business acquisitions and/or capital expenditures.

Forward-looking information contained in this press release is based on certain key expectations and assumptions made by WesternOne Equity, including, without limitation, expectations and assumptions respecting: the outlook of WesternOne's expansion plan and its projected impact on WesternOne Equity's business and management assessment of future operations. Although the forward-looking information contained in this press release is based upon what the WesternOne Equity's management believes to be reasonable assumptions, WesternOne Equity cannot assure investors that actual results will be consistent with such information. Forward-looking information reflects current expectations of management regarding future events and operating performance as of the date of this press release. Such information involves significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking information, and a description of these factors can be found under "Risk Factors" in WesternOne Equity's Annual Information Form dated March 31, 2011, which is available on SEDAR (www.sedar.com).

The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. Forward-looking information reflects management's current beliefs and is based on information currently available to WesternOne Equity. The forward-looking information is made as of the date of this press release and WesternOne Equity assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be required by applicable law.

About WesternOne Equity

WesternOne Equity seeks to acquire businesses in the sector of construction and infrastructure services in order to generate stable and growing distributions to its unitholders as well as to achieve overall capital appreciation.

Additional information about WesternOne Equity is available at www.weq.ca or www.sedar.com


SOURCE WesternOne Equity Income Fund

For further information:

          Andrew Greig, Investor Relations Manager
WesternOne Equity Income Fund
Suite 910, 925 West Georgia Street
Vancouver, BC  V6C 3L2
Phone: (604) 678-4042
E-mail: agreig@weq.ca
Website: www.weq.caz


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