Solution Financial announces the closing of its simplified prospectus offering
Vancouver, British Columbia – (Newsfile Corp. – June 4, 2021) – Solution Financial Inc. (TSXV: SFI) (the “Company“) is pleased to announce that it has completed its previously announced” commercially reasonable best efforts “public offering, pursuant to which the Company issued 5,936,042 shares of the Company (each a”Unit“) at a price of C $ 0.40 per Unit for gross proceeds of approximately C $ 2.4 million (the”Offer“). The offering was managed by iA Private Management Inc. (the”Agent“).
Each unit is made up of one ordinary share of the Company (each a “Share“) and a half warrant (each entire warrant, a”To guarantee“). Each warrant entitles its holder to acquire one share at an exercise price of Cdn $ 0.50 per share. The warrants can be exercised until June 4, 2022.
The Agent received (i) a cash commission of C $ 89,080 and (ii) 167,025 warrants (the “”Agent mandates“). Each agent’s warrant entitles its holder to acquire one share at an exercise price of Cdn $ 0.40 per share until June 4, 2022.
The units were offered by way of an amended and restated simplified prospectus of the Company dated June 1, 2021 (the “”Prospectus“) in each of the provinces of Canada except Quebec.
The Company intends to use the proceeds of the offering for operating lease capital to support existing and new concession leasing opportunities in Western Canada and Ontario, as set out in the prospectus.
The offering remains subject to the final approval of the TSX Venture Exchange. TSXV accepted the conditional placement.
McMillan LLP acted as legal counsel to the Company and Baker McKenzie acted as legal counsel to the Agent.
The Units, Shares and Warrants offered have not been and will not be registered under the US Securities Act and may not be offered or sold in the United States or to, or on behalf of or for the benefit of, “US persons “(As those terms are defined in Regulation S under the United States Securities Act of 1933, as amended (the”U.S. Securities Law“)) in the absence of registration or an applicable exemption from the registration requirements of the US Securities Act and applicable state securities laws.
This press release does not constitute an offer to sell or the solicitation of an offer to buy, and there will be no sale of securities in any jurisdiction in which such an offer, solicitation or sale would be illegal.
About Solution Financière
Solution Financial was incorporated under the provisions of Commercial companies Act (British Columbia) in 2004 and specializes in sourcing and leasing luxury and exotic vehicles, yachts and other high value assets. Solution works with a select group of auto and marine dealerships providing lending solutions to customers who cannot obtain leasing terms from traditional Canadian financial institutions. Typical clients include new immigrants, business owners, and international students. Solution Financial provides a unique rental experience through which it partners with its clients to help them meet the challenges of acquiring, insuring, maintaining and upgrading vehicles and luxury assets in Canada.
For more information, please contact Sean Hodgins at (778) 318-1514.
ON BEHALF OF THE BOARD
(signed) “Bryan Pang”
President, CEO and Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains “forward-looking statements”, including with respect to the proposed use of the product. Whenever possible, words such as “may”, “would”, “could”, “should”, “will”, “anticipate”, “believe”, “plan”, “expect”, ” intend, “” potential to “and similar expressions have been used to identify these forward-looking statements. These forward-looking statements reflect the current expectations of the Company’s management for future growth, results of operations, performance and business prospects and opportunities and involve known and unknown risks, uncertainties and assumptions, including, without be limited to those listed in the annual information. form of the Company dated February 12, 2021, the prospectus and other documents filed by the Company with the Canadian securities regulatory authorities (which can be viewed at www.sedar.com). If one or more of these risks or uncertainties materialize or if the assumptions underlying the forward-looking statements prove to be incorrect, actual results, performance or achievements may differ materially from those expressed or implied by the forward-looking statements contained in this press release. Press. These factors should be carefully considered and potential investors should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to revise forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by law.
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