Financial 15 Split Corp. Establishes At-The-Market Equity Program
October 30 2019 - 8:58AM
Financial 15 Split Corp. (the “Company”) today announced it has
received approval for an at-the-market equity program (“ATM
Program”) that allows the Company to issue shares of the Company to
the public from time to time, at the Company’s discretion. Any
Class A Shares or Preferred Shares sold in the ATM Program will be
sold through the Toronto Stock Exchange (the “TSX”) or any other
marketplace in Canada on which the Class A Shares and Preferred
Shares are listed, quoted or otherwise traded at the prevailing
market price at the time of sale. Sales of Class A Shares and
Preferred Shares through the ATM Program will be made pursuant to
the terms of an equity distribution agreement dated October 29,
2019 (the “Equity Distribution Agreement”) with National Bank
Financial Inc. (the “Agent”).
Sales of Class A Shares and Preferred Shares
will be made by way of “at-the-market distributions” as defined in
National Instrument 44-102 Shelf Distributions on the TSX or on any
marketplace for the Class A Shares and Preferred Shares in Canada.
Since the Class A Shares and Preferred Shares will be distributed
at the prevailing market prices at the time of the sale, prices may
vary among purchasers during the period of distribution. The ATM
Program is being offered pursuant to a prospectus supplement dated
October 29, 2019 to the Company’s short form base shelf prospectus
dated October 22, 2019. The maximum gross proceeds from the
issuance of the shares will be $73,000,000. Copies of the
prospectus supplement and the short form base shelf prospectus may
be obtained from your registered financial advisor using the
contact information for such advisor, or from representatives of
the Agent and are available on SEDAR at www.sedar.com.
The volume and timing of distributions under the
ATM Program, if any, will be determined at the Company’s sole
discretion. The ATM Program will be effective until November 23,
2021 unless terminated prior to such date by the Company. The
Company intends to use the proceeds from the ATM Program in
accordance with the investment objectives and investment strategies
of the Company, subject to the investment restrictions of the
Company.
The Company invests in a high quality portfolio
consisting of 15 financial services companies made up of Canadian
and U.S. issuers as follows: Bank of Montreal, The Bank of Nova
Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada,
Toronto-Dominion Bank, National Bank of Canada, Manulife Financial
Corporation, Sun Life Financial, Great-West Lifeco, CI Financial
Corp, Bank of America, Citigroup Inc., Goldman Sachs Group, JP
Morgan Chase & Co. and Wells Fargo & Co.
Certain statements included in this news release
constitute forward-looking statements, including, but not limited
to, those identified by the expressions “expect”, “intend”, “will”
and similar expressions to the extent they relate to the Company.
The forward-looking statements are not historical facts but reflect
the Company’s current expectations regarding future results or
events. These forward-looking statements are subject to a number of
risks and uncertainties that could cause actual results or events
to differ materially from current expectations. Although the
Company believes that the assumptions inherent in the
forward-looking statements are reasonable, forward-looking
statements are not guarantees of future performance and,
accordingly, readers are cautioned not to place undue reliance on
such statements due to the inherent uncertainty therein. The
Company undertakes no obligation to update publicly or otherwise
revise any forward-looking statement or information whether as a
result of new information, future events or other such factors
which affect this information, except as required by law.
Commissions, trailing commissions, management fees and expenses all
may be associated with mutual fund investments. Investors should
read the prospectus before investing. Mutual funds are not
guaranteed, their values change frequently and past performance may
not be repeated. Please read the Company’s publicly filed documents
which are available at www.sedar.com.
Investor Relations: 1-877-478-2372Local:
416-304-4443www.financial15.com info@quadravest.com
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