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Senior Westaim execs buy out AIMCo investment

Senior executives of Calgary-based Westaim Corp. have acquired Westaim shares held by affiliates of the Alberta Investment Management Corporation at a price of $0.03 per share. The investment represents approximately 44.3% of the total number of outstanding shares of the company. In 2010, AIMCo invested in Westaim to support the company’s acquisition of JEVCO Insurance Co. for $264 million. JEVCO was sold in 2012.

PRESS RELEASE

Executives acquire Westaim Shares from AIMCo

TORONTO, Aug. 16, 2013 /CNW/ – Messrs. Ian W. Delaney, J. Cameron MacDonald and Robert. T. Kittel (the “Executives”) announce that they have directly or indirectly acquired an aggregate of 307,800,000 common shares (“Shares”) of The Westaim Corporation (“Westaim”) from 1523488 Alberta Ltd. (“Holdco”) and Her Majesty the Queen in Right of the Province of Alberta (“HMQ”). The investment portfolios of Holdco and HMQ are managed by the Alberta Investment Management Corporation (“AIMCo”). The Shares acquired by the Executives represent approximately 44.3% of the total number of issued and outstanding Shares and were acquired at a price of $0.03 per Share.

Mr. Delaney, a director and Chairman of the Board of Westaim, directly acquired an aggregate of 162,800,000 Shares from Holdco. Prior to this acquisition, Mr. Delaney beneficially owned or exercised control or direction over a total of 16,642,866 Shares and had options to acquire an additional 300,000 Shares. Accordingly, following the acquisition, Mr. Delaney beneficially owns or exercises control or direction over a total of 179,442,866 Shares and has options to acquire an additional 300,000 Shares. Assuming the exercise in full of the options, Mr. Delaney will beneficially own or exercise control or direction over a total of 179,742,866 Shares, representing approximately 25.84% of the total number of issued and outstanding Shares (following the exercise of the options).

Mr. MacDonald, President, Chief Executive Officer and a director of Westaim, indirectly acquired direction and control over an aggregate of 120,000,000 Shares from Holdco. Prior to this acquisition, Mr. MacDonald, together with one or more joint actors, beneficially owned or exercised control or direction over a total of 17,844,996 Shares. Accordingly, following the acquisition, Mr. MacDonald, together with one or more joint actors, beneficially owns or exercises control or direction over a total of 137,844,996 Shares representing approximately 19.83% of the total number of issued and outstanding Shares (assuming no exercise of the options held by Mr. Delaney).

Mr. Kittel, Chief Operating Officer of Westaim, indirectly acquired direction and control over an aggregate of 23,200,000 Shares from Holdco and 1,800,000 Shares from HMQ. Prior to this acquisition, Mr. Kittel, together with one or more joint actors, beneficially owned or exercised control or direction over a total of 8,935,895 Shares. Accordingly, following the acquisition, Mr. Kittel, together with one or more joint actors, beneficially owns or exercises control or direction over a total of 33,935,895 Shares representing approximately 4.88% of the total number of issued and outstanding Shares (assuming no exercise of the options held by Mr. Delaney).

The Shares were acquired by the Executives for investment purposes. The Executives, or either one of them, may from time to time acquire additional securities of Westaim, dispose of some or all of the existing or additional securities they hold or will hold, or may continue to hold their current positions.

Reports respecting the acquisitions by Messrs. Delaney and MacDonald will be filed as required by applicable Canadian securities laws and a copy of such reports may be obtained by contacting Mr. Jeff Sarfin, the Chief Financial Officer of Westaim, at (416) 203-2253.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Westaim Corporation
Mr. Jeff Sarfin, the Chief Financial Officer of Westaim, at (416) 203-2253.

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