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Lendified (LHI) - Founders, Kevin Clark and Troy Wright - The Market Herald Canada
Founders, Kevin Clark and Troy Wright
Source: lendified.com
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  • Lendified Holdings (LHI) has entered into a private placement agreement with Canaccord Genuity Corp.
  • Canaccord has agreed to sell on a private placement basis, up to 100,000,000 subscription receipts of Lendified at C$0.05 per receipt for gross proceeds of up to $5,000,000
  • Each subscription unit will entitle the holder to one common share and one common share purchase warrant
  • Each purchase warrant can be exercised for one common share at $0.07
  • Lendified is a Canadian company operating a lending platform that provides working capital loans to small and medium-sized businesses across Canada
  • Lendified Holdings Inc. (LHI) is unchanged, trading at $0.055 per share at 3:45 pm ET

Lendified Holdings Inc (LHI) has entered into a private placement agreement with Canaccord Genuity Corp., as lead agent and sole bookrunner.

Canaccord, on its own behalf and on behalf of a syndicate of agents has agreed to sell on a private placement basis, up to 100,000,000 subscription receipts of Lendified at C$0.05 per receipt for gross proceeds of up to $5,000,000.

Each subscription receipt will entitle the holder to receive one unit.

A unit consists of one common share and one common share purchase warrant upon satisfaction of certain escrow release conditions.

Each purchase warrant can be exercised for one common share at $0.07 for a period of 24 months from the date that the escrow release conditions are satisfied.

Lendified has, subject to regulatory approval, agreed to pay a fee of 7% of the gross proceeds to the agents, issue compensation warrants to acquire a number equal to 7% of the number of subscription receipts issued under the offering, and issue to Canaccord that the number of subscription receipts equal to 3.0% of the subscription receipts issued under the offering.

Following satisfaction of the escrow release conditions, proceeds will be used to add key personnel, cover regulatory and compliance costs and for general working capital.

The offering will close on a date agreed upon by Lendified Holdings and Canaccord.

Lendified is a Canadian company that provides working capital loans to small and medium-sized businesses across Canada.

Lendified Holdings Inc. (LHI) is unchanged, trading at $0.055 per share at 3:45 pm ET.

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