(TheNewswire)
Vancouver, B.C. / TheNewswire / February 7, 2019 – Solution Financial
Inc. (TSX-V: SFI) (the “Company”) announces that it has extended its private placement of unsecured convertible debentures (the
“Debentures”) of up to $5,000,000 for a period of thirty (30) days from today’s date.
The Debentures will mature on the second anniversary
of the date of issuance (“Maturity Date”) and bear
interest at a rate of 5.0% per annum,
calculated and paid
semi-annually. The
principal amount and any
accrued and unpaid interest on the
Debenture may be convertible into
common shares in the capital of the Company (“Shares”),
in whole or in part, at any time
following the Issue Date but on or before the
Maturity Date at a
conversion price of $0.50 per Share. The
Debentures and the Shares
issuable upon the conversion of
the Debentures will be
subject to a statutory resale restriction for four
months and one day from the date of closing.
The Company has closed its first tranche of Debentures in the principal amount of $2,000,000 and was announced on
January 7, 2019.
The Company intends to use the proceeds of the financing to expand the Company’s portfolio of in-house leases.
The Offering is subject to the receipt of all necessary approvals, including the approval of the TSX Venture
Exchange.
The Debentures will not be listed or posted for
trading on any exchange.
About Solution
Financial
Solution
Financial was
incorporated under
the provisions
of the Business Corporations Act (British
Columbia) in 2004 and
specializes in
sourcing and
leasing luxury
and exotic
vehicles, yachts
and other high
value assets.
Solution works with
a select group of
automotive and
marine
dealerships providing
lending
solutions to clients who
cannot obtain
leasing terms
with traditional Canadian
financial
institutions.
Typical customers
include new
immigrants, business
owners and
international
students.
Solution
Financial provides a
unique leasing
experience
whereby it
partners with its
clients to help them
navigate the
challenges of
acquiring, insuring,
maintaining and
upgrading
vehicles and
luxury assets in
Canada.
For further
information please contact
Sean Hodgins at
(778) 318-1514.
ON BEHALF OF THE
BOARD
(signed) “Bryan Pang” Bryan Pang
President, CEO and
Director
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is
defined in the policies
of the Exchange) accepts responsibility for the adequacy or accuracy
of this release.
Information set forth in this news release contains forward-looking information and statements that are based
on assumptions as of the date of this news release.
These statements reflect
management’s current estimates, beliefs, intentions and expectations. They are not guarantees
of future
performance. The terms and phrases “goal”, “commitment”, “guidance”, “expects”, “would”, “will”, “continuing”, “drive”, “believes”, “indicate”, “look forward”, “grow”, “outlook”, “forecasts”,
“intend”, and similar terms and
phrases are intended to identify these forward-looking statements, including
but not limited to statements regarding the
Offering, receipt of all regulatory approvals related to the Offering and the use of proceeds thereof. The Company cautions that all forward looking information and statements are inherently uncertain
and that actual performance may be affected
by a number of material factors, many of which are beyond the Company’s control. Such factors include, among other
things: risks and uncertainties
relating to the Company’s ability to receive all necessary regulatory approvals for the Offering. Accordingly, actual and
future events, conditions
and results may differ materially from the estimates, beliefs,
intentions and expectations
expressed
or implied in the forward looking information. Except
as required
under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.
This news
release does
not constitute an offer to
sell or the
solicitation of any
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.
The Debentures and the
Shares which may
be issued on
exercise
thereof have not
been and will not be
registered
under the United States
Securities Act of 1933,
as amended (the “U.S. Securities Act”) and may not
be offered or sold in
the United States
absent
registration or an
applicable exemption
from the
registration
requirements of
the U.S. Securities
Act and
applicable
state securities
laws.
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SERVICES OR FOR
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