MISSISSAUGA, ON, Nov. 12, 2021 /CNW/ - Axis Auto Finance Inc.
("Axis" or the "Company") (TSXV: AXIS), a financial technology
company changing the way Canadians buy and finance used vehicles,
is pleased to announce that it has completed the previously
announced strategic investment of $15,000,000 worth of common shares of the Company
at a price of $0.50 (the "Offering")
by NowLake Technology, LLC ("NowLake"), the fintech parent company
of Westlake Technology Holdings and Nowcom Corporation.
NowLake has invested $15,000,000
on a private placement basis and now controls approximately 23% of
Axis' issued and outstanding Common Shares. Affiliates of NowLake
also hold convertible debentures which, if converted to Common
Shares on the date hereof, would result in NowLake and its
affiliates controlling an additional approximately 4% of Axis'
issued and outstanding Common Shares. Proceeds of the Offering will
be used to develop and roll out additional digital loan origination
channels as well as general corporate purposes.
The securities issued pursuant to the Offering have not been,
nor will they be, registered under the United States Securities Act
of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or
benefit of, U.S. persons absent registration or an applicable
exemption from the registration requirements. This press release
shall not constitute an offer to sell or the solicitation of an
offer to buy nor shall there be any sale of the securities in any
State in which such offer, solicitation or sale would be unlawful.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy nor will there be any sale of the
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such jurisdiction.
The closing of the Offering is subject to final approval by the
TSX Venture Exchange. Please see press release dated October 19, 2021 for more details.
About NowLake Technology LLC
NowLake Technology LLC is the fintech parent company of Nowcom,
LLC and Westlake Services, LLC. Nowcom, LLC develops
technology solutions for the automotive and financial services
sectors, including Westlake Services, LLC. Westlake Services,
LLC provides indirect financing solutions to thousands of
automotive dealers throughout the United
States, as well as offering auto loan refinancing, secured
loans, and personal loans direct to consumer through
LoanCenter.com, Westlake Services, LLC also offers third-party
servicing for medium to large scale automotive, personal loan, and
secured loan portfolios from finance companies, credit unions, and
investments companies.
About Axis Auto Finance
Axis is a financial technology company changing the way
Canadians buy and finance used vehicles. Through our
direct-to-consumer portal, DriveAxis.ca, customers can choose their
next used vehicle, arrange financing and get the car delivered to
their home. Through its indirect loan origination channels, Axis
continues to provide alternative used vehicle financing options to
roughly 30% of Canadians (Source: Equifax) that have credit scores
in the non-prime range. All Axis auto loans report to Equifax,
resulting in over 70% of customers seeing a significant improvement
of their credit scores. Further information on the Company can be
found at
https://www.axisfinancegroup.com/investors-press-releases/.
The TSX Venture Exchange has neither approved nor disapproved
the contents of this press release. Neither the Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the Exchange) accepts responsibility for the adequacy
or accuracy of this release.
SOURCE Axis Auto Finance Inc.