Founders Advantage Receives Shareholder Approval for DLC Acquisition and Related Transactions
December 15 2020 - 1:12PM
Founders Advantage Capital Corp. (TSX-V: FCF) (“FAC” or the
“Corporation”) is pleased to announce the following results from
its special meeting of shareholders (the “Meeting”) held earlier
today:
- 99.98% of the votes cast at the
Meeting were in favour of the Corporation completing the proposed
acquisition of Dominion Lending Centres pursuant to the purchase
agreement dated October 5, 2020 (the “Proposed Acquisition
Resolution”);
- 99.96% of the votes cast at the
Meeting were in favour of the Corporation completing the proposed
Inversion Right Termination Transaction pursuant to the purchase
agreement dated October 5, 2020 (the “Inversion Right Termination
Resolution”);
- 99.96% of the votes cast at the
Meeting were in favour of the Corporation completing the proposed
private placement of 4,285,714 class A common shares at a price of
$1.75 per share (the “Private Placement Resolution”); and
- 99.98% of the votes cast at the
Meeting were in favour of the Corporation amending its articles to
change the Corporation’s name to Dominion Lending Centres Inc.
As a result, all resolutions were passed by the
requisite majorities. Votes cast by KayMaur Holdings Ltd. (and
entity controlled by Gary Mauris and Chris Kayat) were excluded
from the approval calculation for the Proposed Acquisition
Resolution and votes cast by KayMaur Holdings Ltd. and Belkorp
Industries Inc. were excluded from the approval calculation for the
Inversion Right Termination Resolution and the Private Placement
Resolution.
In the event that all necessary approvals are
received, the Corporation anticipates completing the transactions
on or about December 31, 2020.
About Dominion Lending Centres
Group
The DLC Group of Companies is Canada’s leading
and largest mortgage brokerage with over $40 billion in funded
mortgages in 2019. The DLC Group operates through three main
subsidiaries, Dominion Lending Centres, Mortgage Centre Canada and
Mortgage Architects and has operations in all 13 provinces and
territories. The DLC Group’s extensive network includes ~6,000
agents and over 500 locations. Headquartered in British Columbia,
the DLC Group was founded in 2006 by Gary Mauris and Chris
Kayat.
About Founders Advantage Capital
Corp.
The Corporation is listed on the TSX Venture
Exchange as an Investment Issuer (Tier 1) and employs a permanent
investment approach.
The Corporation’s common shares are listed on the
TSX Venture Exchange under the symbol “FCF”.
For further information, please refer to the
Corporation’s website at www.advantagecapital.ca.
Contact information for the Corporation is as
follows:
James BellPresident & Chief Executive
Officer403-455-2218jbell@advantagecapital.ca |
Robin BurpeeChief Financial
Officer403-455-9670rburpee@advantagecapital.ca |
Amar LeekhaSr. Vice-President, Capital
Markets403-455-6671aleekha@advantagecapital.ca |
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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.
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