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All in West! Capital Corporation announces record date and expiry date of rights offering

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  Published in Business and Finance on Thursday, August 27th 2009 at 13:39 GMT, Last Modified on 2009-08-27 13:39:11 by Market Wire
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 WINNIPEG, Aug. 27 /CNW/ - Cornelius Martens, President & CEO of All in West! Capital Corporation (the "Corporation") (TSX-V: ALW) announced today that it has received a receipt for its prospectus dated August 26, 2009 (the "Prospectus") qualifying the distribution to its shareholders resident in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Nova Scotia and the Northwest Territories (the "Qualifying Jurisdictions") of rights ("Rights') to purchase 8% Series C Senior Convertible Debentures ("Debentures"). The Prospectus is expected to be distributed to shareholders in the Qualifying Jurisdictions on September 17, 2009. The Rights will expire on October 8, 2009. Under the Rights offering, shareholders of record on September 14, 2009 will be granted one Right for each common share of the Corporation held. Every 66.6 Rights will entitle the holder thereof to subscribe for $10 principal amount of Debentures. The Corporation currently has 17,266,881 issued and outstanding Shares such that Shareholders are entitled to purchase Debentures having an aggregate principal amount of $2,592,620. The closing of the offering is subject to the Corporation receiving subscriptions for not less than 200,000 Debentures ($200,000 aggregate principal amount). Interest on the Debentures will be payable monthly. The principal amount of the Debentures will be convertible into Shares at a price of $0.10 per share any time prior to their maturity on October 1, 2012. The Debentures will rank subordinate to the Corporation's senior indebtedness, but will rank in priority to the Corporation's outstanding Series A and Series B convertible debentures. National Bank Financial Inc. has been retained to act as the dealer manager in connection with the rights offering. The net proceeds from the subscription for Debentures will be used by the Corporation for working capital and to help the Corporation meet its ongoing obligations and commitments with respect to its portfolio of hotels. The Corporation may use a portion of the proceeds to convert the Black Bear Inn in Hinton, Alberta into a franchised hotel property. The TSX Venture Exchange has conditionally approved the listing of the Rights on or about September 10, 2009, subject to the Corporation satisfying the requirements of the TSX Venture Exchange. This press release contains forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from what the Corporation currently expects. Some of these risks and uncertainties are described under "Risk Factors" in the Corporation's prospectus dated August 26, 2009, a copy of which is available at [ www.sedar.com ]. All forward-looking statements contained herein are expressly qualified by this cautionary statement. The TSX Venture Exchange has not reviewed or approved the contents of this press release. 

For further information: Mr. Cornelius Martens, President and Chief Executive Officer, or Cornelius William Martens, Investor Relations, Tel: (204) 947-1200