Business
Solution Financial Files Final Short Form Prospectus Offering
Vancouver, British Columbia--(Newsfile Corp. - March 30, 2021) - Solution Financial Inc. (TSXV...
About this update from Solution Financial Inc.
[{"type":"text","content":"Solution Financial Files Final Short Form Prospectus OfferingVancouver, British Columbia--(Newsfile Corp. - March 30, 2021) - Solution Financial Inc. (TSXV: SFI) (the \"Company\") is pleased to announce it has filed a final short form prospectus (the \"Prospectus\") in connection with its previously announced \"best efforts\" public offering of a minimum of 7,500,000 units of the Company (each a \"Unit\") and a maximum of 25,000,000 Units (the \"Maximum Offering\") at a price of C$0.40 per Unit (the \"Offering Price\") for minimum gross proceeds of C$3,000,000 and maximum gross proceeds of C$10,000,000 (the \"Offering\"). The Company has entered into an agency agreement (the \"Agency Agreement\") with iA Private Wealth Inc. (the \"Agent\") to sell the Units on a commercially reasonable best efforts agency basis.Each Unit will be 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 will entitle the holder to acquire one Share at an exercise price of C$0.50 per Share. The Warrants will be exercisable for a period of 12 months following the closing of the Offering (the \"Closing\").Pursuant to the terms of the Agency Agreement, the Company has agreed to grant to the Agent an over-allotment option (the \"Over-Allotment Option\") exercisable, in whole or in part, in the sole discretion of the Agent to arrange for purchase up to an additional 3,750,000 Units (if the Maximum Offering is achieved) at the Offering Price for a period of up to 30 days after the Closing for potential additional gross proceeds to the Company of up to approximately C$1,500,000.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. Pursuant to the terms of the Agency Agreement, the Agent shall receive, upon Closing, (i) a cash commission equal to 8.0% of the aggregate gross proceeds received from the sale of the Units, subject to a reduced cash commission equal to 1.0% in respect of any sales of Units to purchasers on a president's list provided by the Company to the Agent and (ii) warrants (the \"Agent's Warrants\") equal to 6.0% of the Units sold in the Offering (including the Over-Allotment Option). Each Agent's Warrant w...