Western Investment Company Acquires First Tranche of Fortress Insurance Shares

Represents Another Important Step Forward in Western's Transition to an Insurance-Focused Investment Holding Company

CALGARY, Alberta, Oct. 01, 2024 (GLOBE NEWSWIRE) -- The Western Investment Company of Canada Limited (TSXV: WI) ("Western" or the "Corporation"), today announced that, further to Western's news releases of March 22, May 6, June 18 and August 30, 2024, the Corporation has completed the first tranche (the "First Closing") of its previously announced acquisition (the "Acquisition") of additional shares of Fortress Insurance Company ("Fortress"). In connection with the First Closing, Western issued an aggregate of 25,193,922 common shares in the capital of the Corporation at a deemed price of $0.40 per Common Share (the "Common Shares"), in exchange for 3,875,988 shares of Fortress (the "Fortress Shares"). The First Closing increases Western's percentage of ownership in Fortress to 83.57% from 28.45%.