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SERVICES OR DISSEMINATION IN THE UNITED
TORONTO, Oct. 26, 2021 /CNW/ - Propel Holdings Inc.
("Propel" or the "Company") (TSX: PRL) announced
today that, further to its recently completed initial public
offering (the "Offering") of common shares of the Company
("Common Shares", and each a "Common Share"), the
over-allotment option granted by the Company to the Underwriters
(as defined below) to purchase an additional 937,500 Common Shares
from the Company at a price of C$9.75
per Common Share (the "Over-Allotment Option") was exercised
in full. The Company received aggregate gross proceeds of
C$9,140,625 in connection with the
Over-Allotment Option, which closed today. As a result of the
exercise of the Over-Allotment Option in full, the aggregate gross
proceeds from the Offering will total C$70,078,125.
The Common Shares are listed and have been trading on the
Toronto Stock Exchange ("TSX") since October 20,
2021 under the symbol "PRL".
The Offering was made through a syndicate of underwriters led by
Canaccord Genuity and Scotiabank, as joint bookrunners, and Raymond
James, TD Securities, INFOR Financial, Roth Canada and Stifel
(collectively, the "Underwriters").
The Offering was completed pursuant to the Company's final
prospectus dated October 13, 2021 (the "Prospectus")
and filed with the securities regulators in each of the provinces
and territories of Canada.
A copy of the Prospectus
is available on SEDAR at www.sedar.com.
No securities regulatory authority has either approved or
disapproved the contents of this press release. The securities
under the Offering have not been, and will not be, registered under
the United States Securities Act of 1933, as amended (the
"U.S. Securities Act"), or the securities laws of any state
of the United States and may not be offered, sold or
delivered, directly or indirectly, in the
except pursuant to an exemption from the registration requirements of the U.S. Securities Act and applicable state securities
laws. This news release does not constitute an offer to sell or
solicitation of an offer to buy
any of these securities in any jurisdiction
in which the
offering or sale is not permitted.
Propel is an innovative, online financial technology ("fintech")
company, committed to credit inclusion by providing fair, fast and
transparent access to credit with exceptional service using its
proprietary online lending platform. Through its operating brands,
MoneyKey and CreditFresh, Propel is focused on providing access to
credit to the over 60 million underserved U.S. consumers who
struggle to access credit from mainstream credit providers.
Propel's revenue growth and profitability have accelerated
significantly over the past two years as Propel has been able to
facilitate access to credit for an increasing number of consumers,
helping them move forward in their credit journeys.
This news release contains "forward-looking information"
within the meaning of applicable
securities legislation, which reflects the Company's current expectations regarding future events. Forward-looking information is
based on a number of assumptions and is subject to a number
of risks and uncertainties, many of which are beyond the Company's
control. Actual results could differ materially from
those projected herein
Unless otherwise noted or the context otherwise indicates, the forward-looking information contained
in this news release is provided as of the date of this news
release and Propel does not undertake any obligation to
update such forward-looking information, whether as a result of
new information, future events or otherwise, except as expressly required under
applicable securities laws.
SOURCE Propel Holdings Inc.