- Solution Financial Inc. (SFI) has closed a non-brokered financing of unsecured convertible debentures for gross proceeds of $3,175,400
- The company plans to use the proceeds to support its portfolio of in-house leases
- The principal amount and any accrued and unpaid interest on the debentures may be convertible into common shares in the capital of the company at any time before or on the maturity date at a conversion price of $0.38 per share
- Solution Financial (SFI) was trading steady at $0.315 per share as of 1:35 pm ET
Solution Financial (SFI) has closed a non-brokered financing of unsecured convertible debentures for gross proceeds of $3,175,400.
The company plans to use the proceeds to support its portfolio of in-house leases.
The company’s CEO, Bryan Pang said the company is working to position itself to support the long term needs of its network of dealerships in BC, Alberta, and Ontario.
“Our lease portfolio continues to perform very well despite the recent increases in the Canadian prime lending rates. Securing this fixed rate 5 per cent financing will help limit the impact of increasing lending rates on the business. Although the luxury auto industry has seen its share of challenges in 2022, we remain committed and supportive of the industry which has yielded premium valuations on our portfolio resales and allowed us to maintain steady profitability.”
The principal amount and any accrued and unpaid interest on the debentures may be convertible into common shares in the capital of the company at any time before or on the maturity date at a conversion price of $0.38 per share.
Solution Financial Inc. (SFI) specializes in sourcing and leasing luxury and exotic vehicles, yachts, and other high value assets. The customers include new immigrants, business owners, and international students.
Solution Financial (SFI) was trading steady at $0.315 per share as of 1:35 pm ET.