Vancouver's WesternOne Equity Income Fund (TSX:WEQ.UN) plans to raise funds through an offering of units to pay down its debt and for general corporate purposes.
It has filed a preliminary short-form prospectus to sell the units via an offering conducted through a syndicate of underwriters led by Canaccord Capital Corp. and Dundee Securities Corp.
The offering is expected to close December 23.
The income fund, focused on investing in generating equipment and infrastructure businesses, reported third-quarter revenue of $8.8 million, which is up from $6.6 million in the same quarter last year. Net income fell, however to $622,691 from $1.6 million.
WesternOne's unit price range during the past week: between $3.75 and $3.90; 52-week low: $3; 52-week high: $5.05.