WesternOne announces closing of public offering

Dec. 23, 2013 – WesternOne Inc. announced today the closing of its
previously announced public offering of 5,860,000 common shares, on a
bought
deal basis, at a price of $7.68 per common share, for total
gross proceeds of $45,004,800. The offering was conducted through a
syndicate of underwriters co-led by National Bank Financial Inc. and
Canaccord Genuity Corp., and including Raymond James Ltd., Scotia
Capital Inc., Dundee Securities Ltd., GMP Securities L.P., HSBC
Securities (Canada) Inc., BMO Nesbitt Burns Inc. and Burgeonvest Bick
Securities Limited.

WesternOne intends to use the net proceeds from the Offering to fund its capital expenditure program, for debt repayment and working capital requirements and for other corporate purposes. WesternOne’s capital expenditure program involves the purchase of additional rental fleet equipment, modular space structures for lease and production equipment, and may also involve production plant upgrades.

The common shares sold pursuant to the Offering have been listed on the Toronto Stock Exchange under WesternOne’s existing symbol WEQ. WesternOne now has 30,159,699 common shares issued and outstanding.

These securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of such Act. This press release does not constitute an offer for sale of these securities in the United States.

For more information
www.weq.ca
www.sedar.com