WesternOne Inc. Announces Closing of $38.6 Million Bought Deal Financing


VANCOUVER, Sept. 25, 2014 /CNW/ - WesternOne Inc. ("WesternOne") (Toronto Stock Exchange: WEQ, WEQ.DB, and WEQ.DB.C) announced today the closing of its previously announced public offering (the "Offering") of 4,825,000 common shares, on a bought deal basis, at a price of $8.00 per common share, for total gross proceeds of $38,600,000. The Offering was conducted through a syndicate of underwriters co-led by Canaccord Genuity Corp., National Bank Financial Inc. and Raymond James Ltd. and including BMO Nesbitt Burns Inc., Dundee Securities Ltd., Scotia Capital Inc., GMP Securities L.P., HSBC Securities (Canada) Inc. and Burgeonvest Bick Securities Limited (collectively, the "Underwriters").

The Offering included the partial exercise of the over-allotment option granted to the Underwriters, pursuant to which the Underwriters acquired 450,000 common shares of the total 656,250 common shares issuable upon exercise of the over-allotment option at $8.00 per common share, for gross proceeds of $3,600,000.

WesternOne intends to use the net proceeds of the Offering to: (i) partially fund the acquisition of the business and assets of Enerbuilt Technologies Inc., a Western Canadian based business that supplies heating equipment and services to the oil & gas industry and other markets in Western Canada; (ii) deploy additional capital towards WesternOne's capital expenditure program; (iii) increase WesternOne's indirect ownership of Britco Structures USA LLC, a Texas-based company that conducts the design and manufacturing of office complexes and workforce accommodations to support the energy, shale oil and gas, and construction and infrastructure sectors in the Mid-West and Southern United States, from 44.55% to 64.55%; and (iv) as to any balance, fund debt reduction and working capital.

The common shares sold pursuant to the Offering have been listed on the Toronto Stock Exchange under WesternOne's existing symbol WEQ. WesternOne now has 36,757,507 common shares issued and outstanding.

These securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of such Act. This press release does not constitute an offer for sale of these securities in the United States.

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 includes, without limitation, statements with respect to: the use of net proceeds of the Offering. Actual events or results may differ materially.

Forward-looking information contained in this press release is based on certain key expectations and assumptions made by WesternOne, including, without limitation: the ability of WesternOne to obtain any and all required regulatory, Toronto Stock Exchange and other approvals in connection with its indirect acquisition of the business and assets of Enerbuilt Technologies Inc., the ability of WesternOne to obtain any and all required approvals in connection with its indirect acquisition of a further interest in Britco Structures USA LLC, the outlook of WesternOne's business and the economy in Western Canada and the US, the supply and demand for WesternOne's products and services, stability in oil and gas activity in Western Canada and the US, and management's assessment of future plans and operations. Although the forward-looking information contained in this press release is based upon what the WesternOne's management believes to be reasonable assumptions, WesternOne 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's Annual Information Form dated March 28, 2014 and Management's Discussion and Analysis dated August 7, 2014, which are 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. The forward-looking information is made as of the date of this press release and WesternOne 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

WesternOne seeks to acquire and grow businesses in the construction and infrastructure services sectors in order to generate stable and growing dividends to its shareholders and to achieve capital appreciation.Additional information relating to WesternOne and other public filings, is available on SEDAR at www.sedar.com or on WesternOne's website at www.weq.ca.

Trading Symbols
Toronto Stock Exchange: WEQ, WEQ.DB and WEQ.DB.C


SOURCE: WesternOne Inc.

For further information: For more information about this press release, please contact: Carlos Yam, Chief Financial Officer, WesternOne Inc., Suite 910, 925 West Georgia Street, Vancouver, BC, V6C 3L2, Phone: (604) 678-4042, E-mail: cyam@weq.ca; For investor relations information, please contact: Andrew Greig, Manager of Investor Relations, WesternOne Inc., Suite 910, 925 West Georgia Street, Vancouver, BC, V6C 3L2, Phone: (604) 678-4042, E-mail: agreig@weq.ca



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