DealNet Capital unit One Dealer secures C$3 million debenture from Canadian insurance company

By Lisa Kerner

Charlotte, N.C., Dec. 12 – One Dealer Financial Services Inc., the consumer financial services arm of DealNet Capital Corp., secured a subscription agreement for the first tranche of a senior secured debenture from the wealth management arm of a Canadian life and health insurance company.

The investor has subscribed for an initial C$3 million of the debenture with the option to invest up to a total of C$50 million under the offering, according to a news release.

Completion of the offer is subject to a minimum common equity financing of C$3.75 million by DealNet.

“This is a significant milestone for our One Dealer Financial business that provides us with the ability to accelerate our dealer onboarding and deployment of capital,” DealNet chief financial officer Ashish Kapoor said in the release.

DealNet is a banking company and is based in Toronto.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.