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Mosaic Capital Corporation Closes Strategic Investment of $150 Million from Fairfax Financial
Mosaic Capital Corporation Closes Strategic Investment of $150 Million from Fairfax Financ...
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[{"type":"text","content":"\n\n\n\nMosaic Capital Corporation Closes Strategic Investment of $150 Million from Fairfax Financial\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, Jan. 26, 2017\n\n\n\n/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./\n\n\n\nCALGARY, Jan. 26, 2017 /CNW/ - Mosaic Capital Corporation (\"Mosaic\") (TSX-V Symbols: M, M.PR.A and M.DB) announced today the closing of its previously announced private placement (the \"Offering\") to Fairfax Financial Holdings Limited and certain of its subsidiaries (collectively \"Fairfax\") of: (i) $100 million aggregate principal amount of 6% senior preferred securities (the \"6% Senior Preferred Securities\"); (ii) $50 million aggregate principal amount of 5% senior secured debentures (the \"5% Secured Debentures\"); and (iii) common share purchase warrants (the \"Warrants\", together with the 6% Senior Preferred Securities and the 5% Secured Debentures, the \"Securities\") entitling Fairfax to acquire up to 17,026,106 common shares of Mosaic at a price of $8.81 per common share until January 26, 2024. If the Warrants are fully exercised, Fairfax would own approximately 66% of the currently issued and outstanding common shares of Mosaic. Prior to the Offering, Fairfax did not own or exercise control over any securities of Mosaic.\n\nThe 6% Senior Preferred Securities bear interest at a rate of 6% per annum and are unsecured obligations of Mosaic subordinate to all liabilities of Mosaic, excluding obligations specifically subordinated to the 6% Senior Preferred Securities. The 6% Senior Preferred Securities rank senior to Mosaic's existing 7% convertible unsecured senior subordinated debentures. Until they are redeemed or retracted on February 10, 2017, Mosaic's existing 10% unsecured subordinated perpetual preferred securities (the \"10% Perpetual Preferred Securities\") and series 1 private yield securities (the \"Private Yield Securities\") will rank junior to the 6% Senior Pre...