Business
Propel Announces Closing of C$115 Million Bought Deal Offering of Subscription Receipts
Propel Announces Closing of C$115 Million Bought Deal Offering of Subscription Receipts ...
About this update from Propel Holdings, Inc.
[{"type":"text","content":"\n\n\n\n Propel Announces Closing of C$115 Million Bought Deal Offering of Subscription Receipts\n \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.prntac{\nTEXT-ALIGN: CENTER\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n /NOT FOR DISTRIBUTION TO\n \n UNITED STATES\n \n NEWS WIRE SERVICES OR FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n\n\n\n TORONTO\n \n\n ,\n \n\n Oct. 3, 2024\n \n\n /CNW/ - Propel Holdings Inc. (\"\n \n Propel\n \n \" or the \"\n \n Company\n \n \") (TSX: PRL) the fintech facilitating access to credit for underserved consumers, today announced that it has closed its previously announced bought deal offering of 4,186,000 subscription receipts of the Company (\"\n \n Subscription Receipts\n \n \") (including 546,000 Subscription Receipts issued pursuant to the exercise in full by the syndicate of Underwriters (defined below) of their over-allotment option granted by the Company), at a price of\n \n C$27.50\n \n per Subscription Receipt, for gross aggregate proceeds of  C$115,115,000 (the \"\n \n Offering\n \n \"). The Subscription Receipts issued pursuant to the Offering will trade on the Toronto Stock Exchange under the ticker symbol PRL.R.\n \n\n\n\n\n\n\n\n\n The net proceeds from the Offering will be used to fund the purchase price of the previously announced acquisition of Stagemount Limited (dba \"\n \n QuidMarket\n \n \"), a leading digital UK-based fintech lender specializing in credit for underserved consumers (the \"\n \n Acquisition\n \n \"). The balance of net proceeds will be used for working capital and general corporate purposes. The underwriting syndicate was co-led by Canaccord Genuity Corp. and Scotia Capital Inc. and includes Eight Capital, Raymond James Ltd., INFOR Financial Inc., Roth Canada, Inc. and Ventum Financial Corp. (collectively, the \"\n \n Underwriters\n \n \"). The proceeds from the sale of the Subscription Receipts will be held by an escrow agent pending the fulfillment or waiver of all outstanding conditions precedent to closing of the Acquisition (other than the payment of the consideration for...