Business
Solution Financial Announces Closing of Short Form Prospectus Offering
Vancouver, British Columbia--(Newsfile Corp. - June 4, 2021) - Solution Financial Inc. (TSXV: ...
About this update from Solution Financial Inc.
[{"type":"text","content":"Solution Financial Announces Closing of Short Form Prospectus OfferingVancouver, British Columbia--(Newsfile Corp. - June 4, 2021) - Solution Financial Inc. (TSXV: SFI) (the \"Company\") is pleased to announce it has closed its previously announced \"commercially reasonable best efforts\" public offering pursuant to which the Company issued 5,936,042 units of the Company (each a \"Unit\") at a price of C$0.40 per Unit for gross proceeds of approximately C$2.4 million (the \"Offering\"). The Offering was led by iA Private Wealth Inc. (the \"Agent\").Each Unit comprised of one common share of the Company (each a \"Share\") and one-half of one Share purchase warrant (each whole Share purchase warrant, a \"Warrant\"). Each Warrant entitles the holder to acquire one Share at an exercise price of C$0.50 per Share. The Warrants are exercisable until June 4, 2022.The Agent received (i) a cash commission of C$89,080 and (ii) 167,025 warrants (the \"Agent's Warrants\"). Each Agent's Warrant entitles the holder thereof to acquire one Share at an exercise price of C$0.40 per Share until June 4, 2022. The Units were offered by way of an amended and restated short form prospectus of the Company dated June 1, 2021 (the \"Prospectus\") in each of the provinces of Canada except Quebec. The Company intends to use the proceeds of the Offering for operating lease capital to support existing and new dealership leasing opportunities in Western Canada and Ontario, as set out in the Prospectus. The Offering remains subject to the final approval of the TSX Venture Exchange. The TSXV has conditionally accepted the Offering.McMillan LLP acted as legal advisor to the Company and Baker McKenzie acted as legal advisor the Agent.The Units, Shares and Warrants being offered have not been, nor will they be, registered under the U.S. Securities Act and may not be offered or sold in the United States or to, or for the account or benefit of, \"U.S. persons\" (as those terms are defined in Regulation S under the United States Securities Act of 1933, as amended (the \"U.S. Securities Act\")) absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the se...