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Justify Capital Corp. and Everyday People Financial Inc. Announce Closing of Brokered Private Placement of Units of EP and Update on Qualifying Transaction
Vancouver, British Columbia--(Newsfile Corp. - January 25, 2022) - Justify Capital Corp. (TSXV...
About this update from Everyday People Financial Inc
[{"type":"text","content":"Justify Capital Corp. and Everyday People Financial Inc. Announce Closing of Brokered Private Placement of Units of EP and Update on Qualifying TransactionVancouver, British Columbia--(Newsfile Corp. - January 25, 2022) - Justify Capital Corp. (TSXV: JST.P)  (\"Justify\") and Everyday People Financial Inc. (\"EP\"), the counterparty to Justify's previously announced proposed \"Qualifying Transaction\" (within the meaning of Policy 2.4 - Capital Pool Companies of the TSX Venture Exchange) (the \"Qualifying Transaction\"), are pleased to announce that EP has closed a brokered private placement of 4,684,000 units of EP (the \"EP Units\") at a price of $1.00 per EP Unit for aggregate gross proceeds of $4,684,000 (the \"Private Placement\"). Each EP Unit was comprised of one class \"A\" share in the capital of EP (each, an \"EP Share\") and one-half of one EP Share purchase warrant (each whole warrant, an \"EP Warrant\"). Each EP Warrant entitles the holder thereof to purchase one EP Share at a price of $1.25 per EP Share at any time on or before January 21, 2024, subject to acceleration. The Private Placement replaces the private placement of subscription receipts of EP previously announced on October 15, 2021.Cantor Fitzgerald Canada Corporation and ATB Capital Markets Inc. (together, the \"Lead Agents\") acted as lead agents and joint bookrunners in connection with the Private Placement on behalf of a syndicate of agents that included Canaccord Genuity Corp., INFOR Financial Inc. and Research Capital Corporation (together with the Lead Agents, the \"Agents\"). As consideration for the services rendered by the Agents in connection with the Private Placement, EP paid the Agents a cash commission equal to 7.0% of the gross proceeds of the Private Placement (the \"Commission\") and granted the Agents non-transferable broker warrants of EP to purchase such number of EP Shares as is equal to 7.0% of the number of EP Units sold in the Private Placement (the \"EP Broker Warrants\"). Each EP Broker Warrant entitles the holder thereof to purchase one EP Share at a price of $1.00 per EP Share at any time on or before January 21, 2024. The Commission and the number of EP Broker Warrants were reduced to 3.5% on $1,500,000 of the proceeds raised by EP. As additional consideration for the services rendered by the Lead Agents in connection w...