Western Financial share offering grosses $11 million

Alberta-based Western Financial Group Inc. (TSX: WES) says its previously announced offering of almost 4.6 million share purchase warrants has grossed more than $11.3 million to finance further growth for the broker consolidator and western bank.
The offering involved units including one common share of the company and one half of a purchase warrant to acquire a further share in the company within two years, based on a share value of $2.90.
The private placement was the work of a syndicate led by CIBC World Markets Inc. and including Jennings Capital Inc. and Lightyear Capital Inc. These agents have been offered an option to increase the offering by almost 1.5 million units within the next year.
“Western Financial Group is pleased to report that with the completion of the financing, the company intends to move quickly to expand its financial services office network through a series of acquisitions, which may add up to twenty new locations in 2004,” a company release states.