WesternOne Inc. (TSX:WEQ) entered into an agreement to acquire Enerbuilt Technologies Inc. for CAD 20 million on September 9, 2014. The purchase price consist of, a non-interest bearing promissory note for CAD 2.4 million in a form reasonably acceptable to Enerbuilt, CAD 6 million in common shares from treasury of WesternOne and balance in cash. As per the terms of agreement, 2 million in WesternOne shares will be paid into escrow to the escrow agent, which will be released as 50% after least 6 months and the remaining 50% after ateast 12 months from closing date.

WesternOne intends to use the net proceeds of a CAD 35 million bought-deal entered into on September 9, 2014 to partially fund the acquisition. The transaction is subject to execution of employment agreement, execution of non-competition agreement, shareholders of Enerbuilt Technologies, entering into exchange agreement and entering into escrow agreement. The deal, subject to post-closing adjustments relating to capital expenditures, disposals and working capital, is expected to close on or about September 30, 2014.

The deal is expected to be immediately accretive to WesternOne's shareholders. Ian Reynolds, Alison L. Archer, Drew C. Broughton and Graeme S. Harrison of Bennett Jones LLP acted as legal advisor for Enerbuilt. B.R. (Brian) Canfield of Farris, Vaughan, Wills & Murphy LLP acted as legal advisor for WesternOne.