Dominion Lending Centres Secures $59.15 Million in New Funding
Dominion Lending Centres Inc. Closes Significant Offering
In a noteworthy financial maneuver, Dominion Lending Centres Inc. (TSX:DLCG) has successfully concluded a secondary private placement offering, raising $59.15 million from the sale of Class A Common Shares. This milestone marks a crucial step for the corporation, which has maintained a strong presence in the Canadian mortgage industry.
Overview of the Offering
On February 28, 2025, Dominion Lending Centres, along with its partners, finalized the sale of 7,782,400 class "A" common shares at a price of $7.60 per share. The gross proceeds amounted to approximately $59.15 million, with a commission of around $2.37 million paid to the agents involved in this offering. Notably, Dominion did not receive any proceeds from this transaction, as the funds were directed to the selling shareholders.
The Agents and Sale Structure
The offering was facilitated through an agency agreement outlining the responsibilities of key players, including Desjardins Capital Markets, Cormark Securities Inc., and Acumen Capital Finance Partners Limited. The arrangement ensured that the sale was conducted efficiently, benefiting all involved parties. Each purchaser of the shares entered into a Share Purchase Agreement, formalizing their investment in Dominion Lending Centres.
Impact on Shareholders
Prior to this offering, Mauris Family Investments Inc. and 603908 B.C. Ltd. were already significant shareholders in Dominion Lending Centres, holding approximately 30.5% and 29.5% of the total shares, respectively. Following the offering, these entities now control 25.5% and 24.6% of the class “A” common shares. This change reflects a modest decrease in their ownership, but retains their influential status within the corporation.
Future Plans for Shareholders
Despite this sale, MaurisCo and KayatCo have affirmed that they currently have no immediate plans to divest their remaining shares. They may, however, consider acquiring more securities or adapting their strategy based on the market dynamics and the corporation's performance. The board and senior management will also adhere to lock-up agreements for six months, restricting their ability to sell any securities immediately.
About Dominion Lending Centres Inc.
Founded in 2006, Dominion Lending Centres Inc. has become Canada’s leading network of mortgage professionals. The corporation operates through various subsidiaries, including MCC Mortgage Centre Canada Inc., MA Mortgage Architects Inc., and Newton Connectivity Systems Inc. With over 8,500 agents and more than 500 locations across the country, Dominion Lending is well-positioned to continue expanding its influence in the financial services sector.
Connecting with Dominion Lending Centres
Individuals interested in following Dominion Lending Centres can connect via social media platforms such as X (Twitter), Facebook, Instagram, and LinkedIn. For additional information, the corporation's official website offers valuable resources and updates.
Contact Information
For inquiries regarding the recent offering or other company-related matters, the following contacts are available:
Eddy Cocciollo
President
647-403-7320
eddy@dlc.ca
James Bell
EVP, Corporate and Chief Legal Officer
403-560-0821
jbell@dlcg.ca
Frequently Asked Questions
What was the total amount raised in the private placement?
The private placement raised a total of approximately $59.15 million from the sale of 7,782,400 class “A” common shares.
Who were the selling shareholders involved in the offering?
The selling shareholders included Mauris Family Investments Inc. and 603908 B.C. Ltd.
What impact does this sale have on the shareholders' ownership?
Following the offering, MaurisCo and KayatCo now control 25.5% and 24.6% of the class “A” shares, reflecting a slight decrease from their previous holdings.
What are the future plans of the selling shareholders?
There are currently no plans to dispose of remaining shares, but the shareholders may explore acquiring more securities or adapt their positions based on market conditions.
How can I learn more about Dominion Lending Centres?
For more information, visit the official Dominion Lending Centres website or connect with them on social media platforms.
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