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TORONTO, Oct. 25, 2021 /CNW/ - Cliffside Capital Ltd.
("Cliffside" or the "Company") (TSXV: CEP) is pleased
to announce that it has received funding facility renewals from two
of its existing third-party lenders for up to $85 million. The renewal terms & rates are
more favorable to the Company than those previously in effect under
the terms of the Company's existing security and loan agreements
with the lenders in question. Cliffside may draw down on these
facilities from time to time to finance the purchase of non-prime
auto loan receivables that meet certain criteria approved by the
lenders. Access to strong and stable funding with appropriate
pricing is key to Cliffside's objective of continued growth of
quality assets under administration. These facility renewals
compliment the Company's recently announced new credit facility
with $180 million annual financing
capacity, bringing total funding availability, until the next
renewal of facilities, to $265
million. Prior to the renewal of these two funding
facilities, approximately $300
million of non-prime auto loan receivables had been
securitized under these since 2017.
Cliffside is also pleased to announce that it has engaged the
services of Independent Trading Group ("ITG") Inc. to
provide market-making services in accordance with applicable
policies of the TSX Venture Exchange (the "TSX-V"). ITG will trade
common shares of the Company on the TSX-V and other trading venues
with the objective of maintaining a reasonable market and improving
the liquidity of the Company's common shares.
Under the agreement, ITG will receive compensation of
$5,000 per month, payable in advance.
The agreement is for an initial term of three months and will renew
for additional one-month terms unless terminated. The agreement may
be terminated by either party with 30 days' notice. There are no
performance factors contained in the agreement and ITG will not
receive shares or options as compensation. ITG and Cliffside are
unrelated and unaffiliated entities and at the time of the
agreement neither ITG nor its principals have an interest, directly
or indirectly, in the securities of Cliffside.
Further information on Cliffside can be found at
www.cliffsidecapital.ca.
About Cliffside
Cliffside is focused on investing in strategic partnerships with
parties who have specialized expertise and a proven track record in
originating and servicing loans and similar types of financial
assets. Cliffside's strategy is to generate revenue as an investor,
affording its shareholders an opportunity to invest in the growing
alternative lending sector with the potential for attractive yields
and minimal operational risk while earning a reliable total return.
For more information, see Cliffside's filings on SEDAR at
www.sedar.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION: This news release includes certain
"forward-looking statements" under applicable Canadian securities
legislation. Forward-looking statements include, but are not
limited to, statements with respect to the business and operations
of Cliffside. Forward-looking statements are necessarily based upon
a number of estimates and assumptions that, while considered
reasonable, are subject to known and unknown risks, uncertainties,
and other factors which may cause the actual results and future
events to differ materially from those expressed or implied by such
forward-looking statements. Such factors include, but are not
limited to: general business, economic, competitive, political and
social uncertainties; the results of operations; potential for
conflicts of interests; as well as volatility of Cliffside's common
share price and volume. There can be no assurance that such
statements will prove to be accurate or complete, as actual results
and future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking statements. Cliffside disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by law.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Cliffside Capital Ltd.