NR 07:36 AM EDT, 05/17/2022 (MT Newswires) -- Dominion Lending Centres (DLCG.TO) overnight Monday said KayMaur Holdings Ltd. and Belkorp Industries Inc. have agreed to increase their shareholdings in the company by buying shares from a warrant holder.
The company said it has received a duly completed exercise notice from the holder of the 2.1 million lender warrants that were issued in June 2017. The warrant holder is entitled to receive about 2.1 million class A common shares upon paying the exercise amount of $2.988 million at $1.4375 per share.
Concurrently upon exercise of the warrants, KayMaur and Belkorp both entered into private transaction agreements with the warrant holder to acquire the shares issued upon exercise of the warrants at a price of $3.07 apiece.
KayMaur, owned by Dominion co-founders Gary Mauris and Chris Kayat, and Bellorp agreed to acquire about 1.04 million shares each.
Upon completion of the transactions, KayMaur will own or control an aggregate of 18.1 million shares and Belkorp will own or control 13.8 million shares. This represents 37.2% and 28.6% of the corporation's issued and outstanding shares, respectively.
The transaction is scheduled to close May 20.