Canadian Western Bank Announces Filing of Preliminary Prospectus for Convertible Debenture Offering.EDMONTON, Alberta--(BUSINESS WIRE)--March 13, 1996--CANADIAN WESTERN BANK(Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :CWB CWB Canadian Wheat Board CWB Central Weather Bureau CWB Canadian Welding Bureau CWB Causeway Bay (Hong Kong) CWB Corpus Workbench CWB Certified Wildlife Biologist CWB Child Welfare Board ) Canadian Western Bank The Canadian Western Bank TSX: CWB is a bank that is based in Edmonton, and which operates primarily in western Canada. The bank serves personal and commercial clients in Western Canada. today announced that it has filed a preliminary short form prospectus in all of the provinces of Canada, other than the Province of Quebec, for an offering of convertible subordinated debentures in a principal amount of up to $20,000,000. The offering is subject to several conditions, including receipt of regulatory approvals and the acquisition by the Bank of Aetna Trust Company. The final amount of the offering, the interest rate and the conversion price of the debentures will be announced at the time of filing the final short form prospectus. Nesbitt Burns Inc. has been engaged to lead this offering. The net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of the offering will be added to the general funds of the Bank to increase the Bank's Tier 2 capital Tier 2 Capital A term used to describe the capital adequacy of a bank. Tier II capital is secondary bank capital that includes items such as undisclosed reserves, general loss reserves, subordinated term debt, and more. Notes: This is related to Tier 1 Capital. base. The acquisition of Aetna Trust Company and this financing are anticipated to close in mid April 1996. Canadian Western Bank operates through 20 branch locations and is the only Schedule I chartered bank Chartered Bank A financial institution whose primary roles are to accept and safeguard monetary deposits from individuals and organizations, and to lend money out. The details vary from country to country, but usually a chartered bank in operation has obtained government permission with its headquarters and principal operations in Western Canada. The Bank specializes in commercial loans, commercial real estate financing, equipment loans and leasing to businesses throughout Western Canada. Services to individuals are also provided through a competitive range of mortgages, consumer loans, deposit products and other retail banking services. The common shares of Canadian Western Bank are listed on each of the Toronto, Vancouver and Alberta Stock Exchanges under the trading symbol "CWB". CONTACT: Canadian Western Bank Larry M. Pollock, 403/423-8888 or Hume, Kieran Inc. Jon W. Kieran or Cathy Hume, 416/868-1079 |
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