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Hampton Financial Corporation Announces Filing of Preliminary Prospectus for Offering of Units
(via TheNewswire) Toronto, Ontario / TheNewswire / March 10 2017 - Hampton Financial...
About this update from Hampton Financial Corp.
[{"type":"text","content":"Hampton Financial Corporation Announces Filing of Preliminary Prospectus for Offering of Units(via TheNewswire)\n\n \nToronto, Ontario / TheNewswire / March 10 2017 - Hampton Financial Corporation (\"Hampton\" or the \"Corporation\") (TSXV:HFC) is pleased to announce that it has obtained a receipt for its preliminary long form prospectus (the \"Prospectus\") in Ontario, British Columbia, Alberta and Nova Scotia, in connection with a proposed offering of up to 2,000,000 units (\"Units\") to be issued at a price of CAD$10.00 per Unit for total gross proceeds of CAD$20,000,000 (the \"Offering\"). No minimum amount of funds is required to be raised under the Offering.\n\n\n \nEach Unit will consist of one class A preferred share in the capital of the Corporation (each, a \"Preferred Share\") and one subordinate voting share purchase warrant (each, a \"Warrant\"). Each Warrant will entitle the holder, upon the exercise thereof, to purchase one subordinate voting share in the capital of the Corporation (each, a \"Warrant Share\") at the price of CAD$1.00 per Warrant Share for a period of 60 months following the date of closing of the Offering.\n\n\n \nThe Preferred Shares will earn a fixed cumulative dividend of 8% per annum, payable quarterly, will be non-voting, non-callable and will be redeemed by the Corporation at the end of the first quarter following the fifth anniversary of their issuance.\n\n\n \nThe Offering will be conducted on a reasonable efforts basis by M Partners Inc. (the \"Agent\"). The Agent will receive a commission of 5% of the aggregate gross proceeds of the Offering.\n\n\n \nThe Corporation has also granted the Agent an option to offer for sale additional Units to cover over-allotments, if any, and for market stabilization purposes (the \"Over-Allotment Option\"), which will allow the Agent to arrange for purchasers to acquire up to an additional 15% of the number of Units initially sold under the Offering. The Over-Allotment Option will be exercisable, in whole or in part, at any time until the 30th day following the date of closing of the Offering.\n\n\n \nHampton has applied to list the Preferred Shares and the Warrant Shares on the TSX Venture Exchange (\"TSXV\"). Listing is subject to Hampton fulfilling all of the listing requirements of the TSXV.\n\n\n \nNet proceeds from the Offering will be used by the C...