The Western Investment Company of Canada Limited announced that companies affiliated with Paul Rivett have offered to invest at least $20 million into the Corporation (the Transaction) to transform Western into a property and casualty insurance and investment holding company. Completion of the Transaction is subject to the approval of the TSX Venture Exchange (the TSXV), shareholder approval and various other conditions. The terms of the Transaction are set forth in a definitive agreement dated March 21, 2024 (the Definitive Agreement) that also provide for a potential upsize to $23 million and for a number of other corporate transactions described below.

The transactions as contemplated constitute a Change of Business under the policies of the TSXV. Upon Closing, the Western team will consist of the following individuals: Paul Rivett to be appointed to Chief Executive Officer; Scott Tannas to be appointed to Chairman of the Board of Directors for a 5-year term with the option to renew by mutual agreement. Paul Rivett currently serves as founder and president of TCC and Chairman of the Board of Directors for Chorus Aviation and GreenFirst Forest Products.

Previously, he joined Fairfax Financial Holdings Limited ("Fairfax") in 2003 and served as President between 2013 and 2020. Mr. Rivett led Fairfax?s corporate development which included debt and equity financings, mergers and acquisitions, as well as prominent investment and insurance/reinsurance transactions. He attracted proprietary insurance and non-insurance investments with a commitment to a long-term, decentralized approach to investing.