Western Investment Company Secures 59% of Fortress Insurance Shares to Satisfy Key Condition of Proposed Transaction

The Total Shares Held or Secured Through Purchase Agreements Now Represents 59% of the Shares Outstanding in Fortress Insurance and Exceeds the 51% Minimum Required to Complete the Transaction

Western Continues to Work Towards Securing the Maximum Number of Shares Possible in Fortress Insurance Through Additional Share Purchases

CALGARY, Alberta, May 06, 2024 (GLOBE NEWSWIRE) -- The Western Investment Company of Canada Limited (TSXV: WI) ("Western" or the "Corporation") today announced that, in connection with the proposed transaction previously announced on March 22, 2024 (the “Transaction”), it has secured the minimum required shares in Fortress Insurance Company ("Fortress") for the Transaction to proceed.

“Securing sufficient shares in Fortress was a key condition of our proposed transaction with Paul Rivett to transform Western into an insurance and investment holding company, so this is a very important step in moving the Transaction forward,” said Scott Tannas, President and Chief Executive Officer of Western. “Many of the vendors of Fortress’ shares see the opportunity in the combined insurance and investment holding company we have proposed and have agreed to take shares in Western to remain a part of the journey. We are now ready to seek shareholder approval for the Transaction, and we look forward to moving forward with a shareholder meeting sometime in July.”

Western has secured agreements in aggregate to purchase 30.91% of the total shares outstanding in Fortress (the "Share Purchases"). The Share Purchases will increase Western’s ownership in Fortress from 28.45% to 59.36% upon closing of the Transaction, thereby satisfying a key condition of the Transaction to own a minimum of 51% of the shares outstanding in Fortress. These Share Purchases, which are conditional on the closing of the Transaction, will be settled with a mixture of cash and common shares of Western.

Western Continues to Seek Additional Fortress Shares
Western continues to work to secure the maximum number of shares in Fortress possible through additional Share Purchases. Western is following up with all Fortress shareholders and will provide further updates when appropriate. Each offer provides an option of receiving cash or the current common shares of Western ("Single Voting Shares") at a price of $0.40 per share which could result in the issuance of up to an additional 30,000,000 Single Voting Shares.