01:17 PM EST, 12/09/2024 (MT Newswires) -- Western Investment Company of Canada ( WIVCF ) said Monday it will shift its focus to a property and casualty insurance and investment holding company.

In addition, the over-subscribed private placement announced on Aug. 30 and upsized on Sept. 26 to $25 million with an additional $5 million over-allotment, closed for aggregate gross proceeds of $28.9 million, with an additional $1.1 million to close on or before Dec. 31.

Companies affiliated with Tevir Capital Corp. and Paul Rivett, invested $5 million as part of the private placement.

Trisura Group's (TSU.TO) previous chief executive, Greg Morrison, who has a track record spanning more than 40 years, has joined the company's board of directors, and Paul Rivett has been appointed as President and Chief Executive Officer.

The company's shares were last seen up $0.015 to $0.45 on the TSX Venture Exchange.

Price: 0.45, Change: +0.02, Percent Change: +3.45