WesternOne Equity Income Fund Announces the Closing of $18.0 Million Public Offering of Trust Units


    VANCOUVER, June 1 /CNW/ - WesternOne Equity Income Fund ("WesternOne
Equity") (TSXV: WEQ.UN and WEQ.DB) today announced the successful closing of
its public offering of 4,500,000 trust units ("Units") priced at $4.00 per
Unit for total gross proceeds of $18,000,000. The offering was sold by a
syndicate of agents led by Blackmont Capital Inc. and Dundee Securities
Corporation, and including Canaccord Capital Corp., Raymond James Ltd., HSBC
Securities (Canada) Inc. and Sora Group Wealth Advisors Inc. The Fund has also
granted the agents an over-allotment option to purchase up to an additional
675,000 Units for gross proceeds of $2,700,000 if exercised in full. This
over-allotment option expires 30 days following closing.
    The net proceeds of the Offering will be used to reduce indebtedness
under the capital loan facilities of WesternOne Equity's indirect subsidiary,
WEQ Production Equipment LP, and for general corporate purposes, including
    "This latest financing has provided us with an excellent foundation to
move forward with the near term business objectives of WesternOne Equity,"
said Darren Latoski, WesternOne Equity's Chief Executive Officer. "The
immediate impact of this financing will result in an organization with
approximately $7.0 million in cash, net of the repayment of all debt and a
bankers' acceptance maturing in August 2007, that will allow us to focus on
growth through the acquisition of additional private businesses in Western
Canada. The Fund will look to build revenues and earnings within new and
existing platform businesses to achieve significant long-term appreciation in
the value of our Units. We would like to thank our syndicate team for their
support during this financing."

    About WesternOne Equity

    WesternOne Equity has been established to seek out and acquire
predominantly privately owned businesses located primarily in the Western
Canadian provinces of British Columbia, Alberta and Saskatchewan, 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.

    Forward-Looking Statements

    Certain statements in this press release may constitute "forward-looking"
statements that involve known and unknown risks, uncertainties and other
factors that may cause our actual results, performance or achievements or
industry results, to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking
statements. When used in this press release, such statements often use, but
are not limited to, such words as "may", "will", "expect", "should",
"believe", "intend", "plan", "anticipate", "potential", and other similar
terminology. These statements reflect current expectations of WesternOne
Equity's management regarding future events and operating performance and
speak only as of the date of this press release. Forward-looking statements
involve 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 statements, including, but not limited to,
the following factors: competitive and economic environment, impact of changes
to tax treatment of income trusts or dividend tax credits, foreign exchange,
seasonality, inability to close or realize accretive benefits from
acquisitions, fluctuation of cash distributions, nature of trust units and
unfavourable changes in capital markets. Although the forward-looking
statements contained in this press release are based upon what WesternOne
Equity's management believes to be reasonable assumptions, WesternOne Equity
cannot assure investors that actual results will be consistent with these
forward-looking statements. These forward-looking statements are made as of
the date of this press release and WesternOne Equity assumes no obligation to
update or revise them to reflect new events or circumstances.


For further information:

For further information: Robert Hibberd, Chief Financial Officer,
WesternOne Equity Income Fund, Suite 910, 925 West Georgia Street, Vancouver,
BC V6C 3L2, Phone: (604) 678-4042, E-mail: rhibberd@weq.ca

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