Element Financial settles C$175.14 million subscription receipts sale

Receipts convert to company's common shares on a one-for-one basis

By Devika Patel

Knoxville, Tenn., Oct. 28 - Element Financial Corp. said it concluded a C$175.14 million private placement of subscription receipts.

Each receipt will convert into common shares on a one-for-one basis.

The offering was led by GMP Securities LP, Barclays Capital Canada Inc. and BMO Nesbitt Burns Inc. and also included CIBC World Markets Inc. and National Bank Financial Inc.

Proceeds will be used to support Element's acquisitive growth strategy, to fund new finance receivables and for general corporate purposes.

Element is a private Toronto-based financial services provider. It also said Friday that it negotiated an amalgamation agreement with a capital pool company, Mira II Acquisition Corp. Under the agreement, Element will merge with Mira and the continuing entity will be known as Element Financial Corp.

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