Proceeds fund future growth and general corporate purposes
By Devika Patel
Knoxville, Tenn., May 31 - Element Financial Corp. said it settled an C$87.13 million private placement of special warrants.
The company sold 16,595,900 special warrants at C$5.25 each on a bought-deal basis. The price per special warrant is a 4.55% discount to the May 30 closing share price of C$5.50.
The special warrants are each convertible into one common share.
The deal was conducted by a syndicate of agents co-led by GMP Securities LP, Barclays Capital Canada Inc. and BMO Capital Markets and including RBC Capital Markets, CIBC World Markets Inc. and Scotia Capital Inc.
Proceeds will be used for future growth and general corporate purposes.
Element is a Toronto-based financial services provider that originates, manages and funds equipment leases.
| Issuer: | Element Financial Corp.
|
| Issue: | Special warrants convertible into common shares
|
| Amount: | C$87,128,475
|
| Warrants: | 16,595,900
|
| Price: | C$5.25
|
| Warrants: | No
|
| Agent: | GMP Securities LP, Barclays Capital Canada Inc. and BMO Capital Markets (co-leads), RBC Capital Markets, CIBC World Markets Inc. and Scotia Capital Inc.
|
| Settlement date: | May 31
|
| Stock symbol: | Toronto: EFN
|
| Stock price: | C$5.50 at close May 30
|
| Market capitalization: | C$365.11 million
|
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