Mr. Scott Tannas reports

WESTERN INVESTMENT COMPANY OF CANADA ANNOUNCES PRIVATE PLACEMENT OF CONVERTIBLE UNSECURED DEBENTURES AND ISSUER BID

The Western Investment Company of Canada Ltd. plans to raise up to $5-million through the issuance of a new convertible debenture. The debenture targets new cash investors and also invites existing debenture holders to exchange their notes for an extended timeframe, at a higher interest rate, and with a more favourable conversion right than their current debenture.

Offering Details

The offering is a non-brokered private placement of convertible unsecured subordinated debentures (the "Debentures") in the aggregate principal amount of up to $5,000,000 (the "Offering") for consideration of cash in the amount of $1,000 per Debenture or exchangeable pursuant to an issuer bid for existing Western convertible debentures due March 31, 2024 (the "Existing Debentures").

Each Debenture will be convertible into common shares of WICC ("Common Shares") at a conversion price of $0.48 per share. The Debentures will mature on December 31, 2025 ("Maturity Date") and bear interest at the rate of 9.60% per annum, payable semi-annually in arrears at the end of March and September. If, commencing on and from the Closing Date (as defined below) and prior to the Maturity Date, the closing price of the Common Shares on the TSX Venture Exchange is $0.65 or greater for the preceding 20 trading days, WICC may, at its option, force the conversion of the Debentures into Common Shares.

The proceeds of the Offering are expected to be used to refinance Western's Existing Debentures and general working capital purposes.

The initial closing date of the Offering is expected to occur on or about November 15, 2023 and additional closings may occur subsequent to the initial closing date ("Closing Date") and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approval including the approval of the TSX Venture Exchange. The Debentures are expected to be eligible for RRSP, RESP, RRIF, TFSA and DPSP accounts and will be subject to a statutory hold period that extends four months and one day from the Closing Date.

In connection with the Offering, registered brokers are entitled to receive a cash commission equal to 2% of the aggregate proceeds of the portion of the Offering sold to subscribers sourced by such registered broker.

Issuer Bid

The Issuer Bid facilitates the option for the holders of Existing Debentures to exchange their notes for the new Debentures pursuant to a substantial issuer bid (the "Issuer Bid"). The formal offer to purchase, issuer bid circular and related documents containing the terms and conditions of the Issuer Bid and instructions for tendering Existing Debentures are expected to be filed with the applicable securities regulators and mailed to registered holders of Existing Debentures in the next couple of weeks.

The Issuer Bid is optional for all holders of Existing Debentures, who are free to choose whether to participate and how many Existing Debentures to exchange for Debentures. Any holders of Existing Debentures who do not participate in the exchange will retain their Existing Debentures with the terms unchanged.

The Issuer Bid will not be conditional upon any minimum number of Existing Debentures being exchanged. The Issuer Bid will, however, be subject to other conditions and Western reserves the right, subject to applicable laws, to withdraw or amend the Issuer Bid, if, at any time prior to the exchange, certain events occur.

About The Western Investment Company of Canada Limited

Western is a unique publicly traded, private equity company founded by a group of successful Western Canadian businesspeople, and dedicated to building and maintaining ownership in successful Western Canadian companies, and helping them to grow. Western's shares are traded on the TSX Venture Exchange under the symbol WI.

We seek Safe Harbor.