WesternOne Equity Income Fund, owner of a half dozen rental companies in western Canada, raised CAD $4.6 million (about U.S. $3.8 million) through a unit (share) offering previously announced Dec. 10. WesternOne sold $1.32 million units at CAD $3.50 through a syndicate of underwriters led by Canaccord Capital Corp., Dundee Securities Corp, and other Canadian investment firms.
Net proceeds from the offering will be used to reduce WesternOne Equity’s debt.
“The funds raised will allow us to further strengthen our balance sheet and position ourselves for the next round of growth,” said Darren Latoski, WesternOne Equity’s CEO.
Based in Vancouver, B.C., Canada, WesternOne Equity owns a half dozen western Canadian rental companies and seeks to acquire equipment and infrastructure-related businesses located primarily in British Columbia, Alberta and Saskatchewan.