Westaim announces completion of second and final tranche of Subscription Receipts private placement

The Westaim Corporation (Westaim or the Company) (TSX: "WED") announced that it has completed the second and final tranche of its private placement of subscription receipts (Subscription Receipts) with the sale today of 3,255,000 Subscription Receipts at a purchase price of $0.50 each for gross proceeds of $1,627,500 bringing the aggregate gross proceeds of the Subscription Receipt financing to $275,000,000. The terms of the Subscription Receipts and details regarding the initial tranche can be found in the Company's press release dated February 9, 2010.

The aggregate proceeds from the private placement will be used to fund the Company's previously announced acquisition of JEVCO Insurance Company, further details of which are available in Westaim's press release dated January 25, 2010.