Source: GlobeNewswire (MIL-OSI)
VANCOUVER, British Columbia, May 16, 2022 (GLOBE NEWSWIRE) — Dominion Lending Centres Inc. (TSX:DLCG) (“DLC” or the “Corporation”) is pleased to announce that its has received a duly completed exercise notice from the holder of the 2,078,568 lender warrants that were previously issued in June, 2017 (the “Lender Warrants”). The holder of the Lender Warrants is entitled to receive 2,078,568 class “A” common shares of the Corporation (the “Common Shares”) upon paying the Corporation the exercise amount of $2.988 million (being $1.4375 per share).
Concurrently upon exercise of the Lender Warrants, KayMaur Holdings Ltd. (“KayMaur”) and Belkorp Industries Inc. (“Belkorp”) both entered into private transaction agreements with the holder of the Lender Warrants to acquire the 2,078,568 Common Shares issued upon exercise of the Lender Warrants at a price of $3.07 per share (KayMaur has agreed to acquire 1,039,284 Common Shares and Belkorp has agreed to acquire 1,039,284 Common Shares). Upon completion of the transactions, KayMaur will own or control an aggregate of 18,062,115 Common Shares and Belkorp will own or control an aggregate of 13,848,498 Common Shares (being 37.2% and 28.6% of the Corporation’s issued and outstanding shares, respectively). The transaction is scheduled to close May 20, 2022.
KayMaur is owned by Gary Mauris and Chris Kayat, the co-founders of DLC. Messrs. Mauris and Kayat are both directors and executive officers of the Corporation.
Gary Mauris, Chairman and Chief Executive Officer of the Corporation commented: “Chris and I are excited to increase our shareholdings as we believe in DLC, our dedicated management team and our best-in-class mortgage professionals. We’re also pleased that Belkorp has also decided to increase their holdings in DLCG and we thank them for their continued support.”
About Dominion Lending Centres Inc.
The DLC Group is Canada’s leading network of mortgage professionals. The DLC Group operates through Dominion Lending Centres and its three main subsidiaries, MCC Mortgage Centre Canada Inc., MA Mortgage Architects Inc. and Newton Connectivity Systems Inc., and has operations across Canada. The DLC Group’s extensive network includes ~7,750 agents and 530 locations. Headquartered in British Columbia, the DLC Group was founded in 2006 by Gary Mauris and Chris Kayat.
Contact information for the Corporation is as follows:
Co-Chief Financial Officer
Sr. Vice-President, Capital Markets