Business
Justify Capital Corp. and Everyday People Financial Inc. Announce Proposed Terms of Private Placement of Approximately $12 Million in Subscription Receipts
Vancouver, British Columbia--(Newsfile Corp. - October 15, 2021) - Justify Capital Corp. (TSXV...
About this update from Everyday People Financial Inc
[{"type":"text","content":"Justify Capital Corp. and Everyday People Financial Inc. Announce Proposed Terms of Private Placement of Approximately $12 Million in Subscription ReceiptsVancouver, British Columbia--(Newsfile Corp. - October 15, 2021) - Justify Capital Corp. (TSXV: JST.P) (\"Justify\") and Everyday People Financial Inc. (\"EP\") are pleased to announce the proposed terms of the brokered private placement of approximately $12,000,000 in subscription receipts by EP, to be completed in connection with the proposed business combination of Justify and EP, which transaction (the \"Qualifying Transaction\") is intended to constitute Justify's \"Qualifying Transaction\" (within the meaning of Policy 2.4 - Capital Pool Companies of the TSX Venture Exchange). For further details relating to the Qualifying Transaction, please refer to Justify's news release dated May 10, 2021.EP Subscription Receipt Private Placement EP has entered into an engagement letter dated October 13, 2021 with Cantor Fitzgerald Canada Corporation and ATB Capital Markets Inc. (collectively, the \"Lead Agents\"), as lead agents and joint bookrunners on behalf of a syndicate of agents (together with the Lead Agents, the \"Agents\"), in connection with the brokered private placement of approximately 12,000,000 subscription receipts (\"Subscription Receipts\") at a price of $1.00 per Subscription Receipt (the \"Offering Price\") for aggregate gross proceeds to EP of approximately $12,000,000, plus up to an additional 15% of the Subscription Receipts pursuant to an option (the \"Agents' Option\") granted to the Agents (the \"Private Placement\"). Closing of the Private Placement is expected to occur on or about November 12, 2021.The Subscription Receipts will be created and issued pursuant to the terms of a subscription receipt agreement (the \"Subscription Receipt Agreement\") between Odyssey Trust Company, as subscription receipt agent (the \"Subscription Receipt Agent\"), EP and the Lead Agents. Each Subscription Receipt will be deemed to be automatically converted, without payment of additional consideration or further action by the holder thereof, into one unit comprised of one class \"A\" share in the capital of EP (each, an \"EP Share\") and one-half of one warrant to purchase EP Shares (each whole warrant, an \"EP Warrant\"), subject to adjustment in certain events, immediately...