Source: Solution Financial.
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Solution Financial Inc. (SFI) has closed a non-brokered financing of unsecured convertible debentures for gross proceeds of $3,175,400
  • The company plans to use the proceeds to support its portfolio of in-house leases
  • The principal amount and any accrued and unpaid interest on the debentures may be convertible into common shares in the capital of the company at any time before or on the maturity date at a conversion price of $0.38 per share
  • Solution Financial (SFI) was trading steady at $0.315 per share as of 1:35 pm ET

Solution Financial (SFI) has closed a non-brokered financing of unsecured convertible debentures for gross proceeds of $3,175,400.

The company plans to use the proceeds to support its portfolio of in-house leases.

The company’s CEO, Bryan Pang said the company is working to position itself to support the long term needs of its network of dealerships in BC, Alberta, and Ontario.

“Our lease portfolio continues to perform very well despite the recent increases in the Canadian prime lending rates. Securing this fixed rate 5 per cent financing will help limit the impact of increasing lending rates on the business. Although the luxury auto industry has seen its share of challenges in 2022, we remain committed and supportive of the industry which has yielded premium valuations on our portfolio resales and allowed us to maintain steady profitability.”

The principal amount and any accrued and unpaid interest on the debentures may be convertible into common shares in the capital of the company at any time before or on the maturity date at a conversion price of $0.38 per share.

Solution Financial Inc. (SFI) specializes in sourcing and leasing luxury and exotic vehicles, yachts, and other high value assets. The customers include new immigrants, business owners, and international students.

Solution Financial (SFI) was trading steady at $0.315 per share as of 1:35 pm ET.


More From The Market Herald
Onex - Chairman & CEO, Gerry Schwartz

" Onex (TSX:ONEX) reports Q2 2022 results

Onex (ONEX) delivered its financial results for the second quarter ended June 30, 2022, and an update on matters following quarter-end for investors.

" Hansco Capital (TSXV:HCO.P) provides update on proposed qualifying transaction

Hansco Capital Corp. (HCO.P) has provided an update regarding its qualifying transaction with Aurex Energy Corp.

" Senvest Capital (TSX:SEC) announces normal course issuer bid

Senvest Capital (SEC) has announced a normal course issuer bid (NCIB).

" Sustainable Power & Infrastructure Split (TSX:PWI) has over $9.5M in overnight offering

Sustainable Power & Infrastructure Split (PWI) anticipates approximately $9.7 million in proceeds from an overnight offering.