CALGARY, Alberta, Jan. 01, 2021 (GLOBE NEWSWIRE) -- Founders Advantage Capital Corp. (TSX-V: FCF) (“FAC” or the “Corporation”) is pleased to announce that it has completed its acquisition (the “Acquisition”) of all of the limited partnership units of Dominion Lending Centres Limited Partnership (“DLC LP”) that the Corporation did not otherwise own in exchange for an aggregate of 26,774,054 non-voting series 1 class B preferred shares (the “Preferred Shares”). Concurrent with completing the Acquisition, the Corporation completed a private placement of 4,285,714 class “A” common shares (“Common Shares”) for aggregate gross proceeds of $7.5 million (the “Private Placement”). The Corporation paid the proceeds from the Private Placement, and issued an additional 4,285,714 Common Shares, to the holders of the Preferred Shares to remove the provisions in the Preferred Shares providing the holders with a disproportionate share of future cash distributions above a defined threshold amount (the “Inversion Rights”). Upon completion of the Acquisition, the Corporation wound-up DLC LP, amalgamated with Dominion Lending Centres Inc. (“DLC”) and changed the name of the Corporation to Dominion Lending Centres Inc. (collectively, the “Reorganization”).
Founders Advantage Completes Acquisition of Dominion Lending Centres, Name Change and Corporate Reorganization
Jan 01, 2021
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