/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES.
ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION
OF U.S. SECURITIES LAW./
TORONTO, March 12, 2013 /CNW/ - Element Financial Corporation (TSX: EFN)
("Element" or the "Company"), one of North America's leading
independent equipment finance companies, today announced the closing of
its previously announced bought deal offering of common shares (the
"Common Shares") at a price of $7.75 per Common Share (the
"Offering"). The syndicate of underwriters, co-led by GMP Securities
L.P., Barclays and BMO Capital Markets and including RBC Capital
Markets, Cormark Securities Inc., Scotiabank, TD Securities Inc.,
National Bank Financial Inc. and Manulife Securities Incorporated,
elected to exercise its over-allotment option in full, resulting in the
issuance of 22,310,000 Common Shares for total gross proceeds of
$172,902,500.
The Company intends to use the net proceeds from the Offering to
originate and finance, directly and indirectly, finance assets,
including through the establishment of its previously announced new
special purpose fund as a funding vehicle to complement Element's
existing securitization and syndication arrangements.
The Common Shares issued pursuant to the Offering were qualified by a
final prospectus dated March 6, 2013, which has been filed with the
Canadian securities regulatory authorities in all Canadian provinces.
Copies of the prospectus may be obtained by visiting the SEDAR database
on the Canadian Securities Administrators' web site at www.sedar.com.
The Common Shares have not been, nor will be, registered under the
United States Securities Act of1933, as amended, or any state
securities laws and may not be offered or sold in the United States or
to U.S. persons absent registration or applicable exemption from the
registration requirement of such Act and applicable state securities
laws. This news release shall not constitute an offer to sell, or the
solicitation of an offer to buy, nor shall there be any sale of these
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to qualification under the securities laws
of any such jurisdiction.
About Element Financial Corporation
With total assets of approximately $1.5 billion, Element Financial
Corporation is one of North America's leading independent equipment
finance companies. Element operates across North America in three
verticals of the equipment finance market - Element Capital provides
large ticket equipment leasing, Element Finance serves the mid-ticket
equipment finance market and Element Fleet provides vehicle fleet
leasing and management solutions through the Company's TLS Fleet
Management division.
Forward Looking Statements
This release includes forward-looking statements regarding the use of
proceeds from the issuance. Such statements are based on the current
expectations and views of future events of Element's management. In
some cases the forward-looking statements can be identified by words or
phrases such as "may", "will", "expect", "plan", "anticipate",
"intend", "potential", "estimate", "believe" or the negative of these
terms, or other similar expressions intended to identify
forward-looking statements. The forward-looking events and
circumstances discussed in this release, including the use of proceeds
from the issuance, may not occur and could differ materially as a
result of known and unknown risk factors and uncertainties affecting
Element, including risks regarding the equipment finance industry,
economic factors and many other factors beyond the control of Element.
No forward-looking statement can be guaranteed. Forward-looking
statements and information by their nature are based on assumptions and
involve known and unknown risks, uncertainties and other factors which
may cause our actual results, performance or achievements, or industry
results, to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statement or information. Accordingly, readers should
not place undue reliance on any forward-looking statements or
information. Except as required by applicable securities laws,
forward-looking statements speak only as of the date on which they are
made and Element undertakes no obligation to publicly update or revise
any forward-looking statement, whether as a result of new information,
future events, or otherwise.
SOURCE: Element Financial Corporation
