Business
Solution Financial Closes First Tranche of Private Placement of Unsecured Convertible Debenture
(via TheNewswire) NOT FOR DIS T R IBUTION TO U.S. NE W S W I R E SERV...
About this update from Solution Financial Inc.
[{"type":"text","content":"Solution Financial Closes First Tranche of Private Placement of Unsecured Convertible Debenture(via TheNewswire)\n\n \nNOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES\n\n\n \nVancouver, B.C. / TheNewswire / April 15, 2019 - Solution Financial Inc. (TSX-V: SFI.H) (the \"Company\") announces that further to its news release of April 9, 2019, the Company has closed a non-brokered private placement (the \"Offering\") of unsecured convertible debentures (\"Debentures\") in the principal amount of $705,000.\n\n \n \nThe Debentures will mature on April 15, 2021 (\"Maturity Date\") and bear interest at a rate of 5.0% per annum, calculated and paid semi-annually. The principal amount and any accrued and unpaid interest on the Debenture may be convertible into common shares in the capital of the Company (\"Shares\"), in whole or in part, at any time following the Issue Date but on or before the Maturity Date at a conversion price of $0.50 per Share. \n\n \n \nThe Debentures and the Shares issuable upon the conversion of the Debentures will be subject to a statutory resale restriction expiring on August 16, 2019.\n\n \n \nThe Company intends to complete a second tranche of the Offering in the near future. \n\n \n \nThe Offering is subject to the receipt of all necessary approvals, including the final approval of the TSX Venture Exchange.\n\n \n \nThe Debentures will not be listed or posted for trading on any exchange.\n\n \n \nOne insider of the Company was issued Debentures in the principal amount of $300,000, which constituted a \"related party transaction\" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The issuance to the insider is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of the Debentures issued to or the consideration paid by such insider did not exceed 25% of the Company's market capitalization. \n\n \n \nAbout Solution Financial\n\n\n \nSolution Financial was incorporated under the provisions of the Business Corporations Act (British Columbia) in 2004 and specializes in sourcing and leasing luxury and exotic vehicles, yachts and other high value assets. Solution works with a select group of automotive and marine dealerships pro...