Founders Advantage Receives Shareholder Approval for DLC Acquisition and Related Transactions
CALGARY, Alberta, Dec. 15, 2020 (GLOBE NEWSWIRE) — Founders Advantage Capital Corp. (TSX-V: FCF) (“FAC” or the “Corporation”) is pleased to announce the following results from its special meeting of shareholders (the “Meeting”) held earlier today:
99.98% of the votes cast at the Meeting were in favour of the Corporation completing the proposed acquisition of Dominion Lending Centres pursuant to the purchase agreement dated October 5, 2020 (the “Proposed Acquisition Resolution”);99.96% of the votes cast at the Meeting were in favour of the Corporation completing the proposed Inversion Right Termination Transaction pursuant to the purchase agreement dated October 5, 2020 (the “Inversion Right Termination Resolution”);99.96% of the votes cast at the Meeting were in favour of the Corporation completing the proposed private placement of 4,285,714 class A common shares at a price of $1.75 per share (the “Private Placement Resolution”); and99.98% of the votes cast at the Meeting were in favour of the Corporation amending its articles to change the Corporation’s name to Dominion Lending Centres Inc.As a result, all resolutions were passed by the requisite majorities. Votes cast by KayMaur Holdings Ltd. (and entity controlled by Gary Mauris and Chris Kayat) were excluded from the approval calculation for the Proposed Acquisition Resolution and votes cast by KayMaur Holdings Ltd. and Belkorp Industries Inc. were excluded from the approval calculation for the Inversion Right Termination Resolution and the Private Placement Resolution.In the event that all necessary approvals are received, the Corporation anticipates completing the transactions on or about December 31, 2020.About Dominion Lending Centres GroupThe DLC Group of Companies is Canada’s leading and largest mortgage brokerage with over $40 billion in funded mortgages in 2019. The DLC Group operates through three main subsidiaries, Dominion Lending Centres, Mortgage Centre Canada and Mortgage Architects and has operations in all 13 provinces and territories. The DLC Group’s extensive network includes ~6,000 agents and over 500 locations. Headquartered in British Columbia, the DLC Group was founded in 2006 by Gary Mauris and Chris Kayat.About Founders Advantage Capital Corp.The Corporation is listed on the TSX Venture Exchange as an Investment Issuer (Tier 1) and employs a permanent investment approach.The Corporation’s common shares are listed on the TSX Venture Exchange under the symbol “FCF”.For further information, please refer to the Corporation’s website at www.advantagecapital.ca.Contact information for the Corporation is as follows:NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.