Western Financial Group Inc. has filed a preliminary short form prospectus for a marketed “best efforts” domestic public offering of first preferred shares, series five, the company said Wednesday.

WFG intends to conduct the offering through a syndicate of agents led by TD Securities Inc., CIBC and RBC Dominion Securities Inc.

The proposed offering will be a minimum of $15 million and a maximum of $30 million of cumulative perpetual convertible first preferred shares, series five at a price of $100 per preferred share.

The proceeds from the financing will be used for general corporate purposes and to fund ongoing capital requirements for the company’s subsidiaries, WFG says.

The offering is scheduled to close September 3.

The preferred shares will be convertible into the company’s common shares at any time at the holder’s option at a price of $2.81 per common share. The Preferred Shares will be redeemable by the company at their option only after Sept. 30, 2012.

The preferred shares will be offered in all of the provinces of Canada, other than Quebec, and other such jurisdictions as may be agreed to by the company and the agents.

WFG provides insurance, financial and banking services in over 90 communities to more than 500,000 individuals and businesses in Western Canada through its wholly-owned networked offices, its affiliated insurance brokers, Western Life Assurance Company and Bank West.

IE