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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%
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
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