Western Financial to make public offering

Alberta-based broker network Western Financial Group says it has filed a prospectus with Canadian securities regulators to offer subscription receipts. The offering would apply to all provinces.
The receipts will entitle holders to purchase one common share of Western stock (TSX: WES) upon completion of the company’s previously announced acquisition of Federated Life Insurance Co. of Canada. That acquisition is expected to close on or before February 28, 2005, subject to regulatory approval.
Most of the proceeds of the sale will go to fund that acquisition, but some may also go to fund Western’s ongoing acquisition strategy for brokerages or for general corporate purposes.
Should the acquisition of Federated not be closed by March 31, 2005, subscription holders would be refunded with interest.
The offering will be handled by a syndicate of underwriters led by CIBC World Market and including Canaccord Capital Corp. First Associates Investments Inc. and Jennings Capital Inc.