Axis Auto Finance Announces Final Sizing of Underwritten Private Placement
Axis Auto Finance Announces Final Sizing of Underwritten Private Placement
TORONTO, March 7, 2018 /CNW/ - Axis Auto Finance Inc. (TSXV:AXIS) ("Axis" or "the Company"), announces today that it has entered into an underwriting agreement and has sized an offering (the "Offering") of: (i) 9,353,575 subscription receipts ("Subscription Receipts") at a price of $0.70 per Subscription Receipt for gross proceeds of approximately $6.5 million; and (ii) $17.5 million worth of extendible convertible unsecured subordinated debentures (the "Debentures"), for aggregate gross proceeds of $24 million on an underwritten private placement basis through a syndicate of underwriters co-led by Canaccord Genuity Corp. and INFOR Financial Inc. and including PI Financial Corporation and Raymond James Ltd. (the "Underwriters"). The Offering was previously announced on March 6, 2018.
In addition, the Underwriters have been granted an option, exercisable in whole or in part not later than the closing date of the Subscription Receipt Offering, to purchase at the offer price up to an additional 1,403,036 Subscription Receipts and an additional $2,625,000 of Debentures. The Offering is subject to customary closing conditions including the receipt of regulatory approval and is scheduled to close on or about March 22, 2018. The Company will use the net proceeds of the Offering to partially finance the cash portion of the purchase price of the previously announced acquisition of Trend Financial Corp.
About Axis Auto Finance
Axis provides non-standard financing options targeting roughly 30% of Canadians (Source: Equifax) that do not qualify for traditional bank-type financing for their used vehicle purchase. Through personalized service and a commitment to building strong, long-lasting relationships with dealer partners, Axis continues to be one of Canada's fastest-growing auto-financing companies.
Further information on the Company can be found at www.axisautofinance.ca.
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.
Forward looking Information
Certain information in this press release may constitute forward-looking information. Such forward-looking information includes, without limitation, the anticipated closing date of the Offering and the receipt of all regulatory approvals. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Company. Additional information identifying risks and uncertainties is contained in the Company's filings with the Canadian securities regulators, available at www.sedar.com.
Axis Auto Finance Inc., Ilja Troitschanski, President, (416) 633-5626, info@axisautofinance.ca
SOURCE Axis Auto Finance Inc.
