Ikea Canada recalls 1.5 million blinds
TORONTO — Ikea Canada is voluntarily recalling more than 1.5 million blinds, saying the window coverings could cause strangulation. Spokeswoman Madeleine Lowenborg-Frick says the recall covers all roman, roller and roll-up blinds sold over the past several years. She says the blinds can cause strangulation if the installation instructions are not followed properly.
A similar recall, affecting more than three million blinds, was issued across the United States after a toddler was nearly strangled by the cord.
Lowenborg-Frick says there have been no reports of injuries or deaths in Canada, but says one U.S. resident was killed in 2008. Anyone who purchased the blinds is encouraged to return them to any Ikea store for a full refund. The recall covers all blinds produced over an 11-year period from 1998 to 2009.
Western financial group to raise $25M in equity
HIGH RIVER — Western Financial Group Inc. (TSX:WES) said Thursday it has signed a deal to raise at least $25 million. The company said it has signed a agreement with a syndicate of underwriters co-led by TD Securities Inc. and GMP Securities L.P., for roughly 5.7 million shares at a price of $2.65 per share to raise $15 million. Western Financial also granted the underwriters an over-allotment option for up to an additional 849,750 shares at the same offering price. In addition, Western Financial has agreed to sell $10 million of its common shares to certain institutional investors on a private placement basis at a price of $2.65 per share. Both the private placement and the public offering are expected to close June 29.
The cash raised will be added to working capital and used to fund the company’s insurance brokerage acquisition program and for general corporate purposes.
Western Financial provides insurance, financial services and banking services in over 90 communities.