Exchange Bulletin
Propel Holdings Inc. (PRL) To Trade On Toronto Stock Exchange
October 18, 2021
| Issuer: | Propel Holdings Inc. (the "Company") |
| Security: | Common shares (the "Shares") |
| Symbol: | PRL |
| Issue price per security: | $9.75 |
| Number of securities issued and outstanding: | 33,387,620 |
| Number of securities reserved for issuance: | 4,276,262 |
| Listing category: | Industrial, Non-Exempt |
| Trading currency: | CDN$ |
| Transaction: | Initial public offering of Shares (the "Offering"). |
| Listing date: | October 19, 2021 (as at 5:01 pm) in anticipation of closing of the Offering. |
| Anticipated closing date: | October 20, 2021 (prior to the opening) |
| Posted for trading date: | October 20, 2021 (at the opening) subject to confirmation of closing of the Offering. |
| Other market(s): | None |
| Temporary market maker: | W.D. Latimer Co. Ltd. |
| Security ownership registration: | Non-certificated inventory administered by CDS |
| Investor relations: | Craig Armitage (416) 347-8954 craig.armitage@loderockadvisors.com |
| Incorporation: | Business Corporations Act (Ontario) |
| Fiscal year end: | December 31 |
| Nature of business: | The Company is an online fintech company providing access to credit through its proprietary, end-to-end, AI-powered online lending platform that facilitates access to a suite of credit products and programs through two consumer-facing brands: MoneyKey and CreditFresh. |
| Transfer agent and registrar: | TSX Trust Company, at its principal offices in Toronto. |
| Dividends: | The board of directors will establish a dividend policy pursuant to which the Company will pay a quarterly dividend, initially anticipated to be in the amount of $0.38 annually per Share. Assuming the closing of this offering occurs on October 20, 2021, the first dividend is expected to be paid on or about December 9, 2021 to shareholders of record on November 18, 2021. Dividends will be declared and paid in arrears. The amount and timing of any dividends payable by the Company will be at the discretion of the board of directors and will be established on the basis of the Company's results of operations, financial condition, cash requirements, the satisfaction of solvency tests imposed by corporate laws for the declaration and payment of dividends, covenants under its debt facilities and other factors that the board of directors may consider relevant. |
| Sponsorship: | Waived |
| Disclosure documents: | Prospectus dated October 13, 2021, which is available at www.SEDAR.com. Capitalized terms not otherwise defined herein are as defined in the Disclosure documents. |
| Initial public offering: | Pursuant to the terms of the Prospectus, Canaccord Genuity Corp., Scotia Capital Inc., Raymond James Ltd., TD Securities Inc., INFOR Financial Inc., Roth Canada ULC and Stifel Nicolaus Canada Inc. (collectively, the "Underwriters") are offering to the public 6,250,000 Shares from treasury at a price of $9.75 per Share (the "Offering Price"), for gross proceeds of $60,937,500 to the Company (assuming the over-allotment option is not exercised). In addition, the Company has granted to the Underwriters an over-allotment option, exercisable in whole or in part, at any time for a period of 30 days after the closing date of the Offering, pursuant to which the Underwriters may purchase up to an additional 15% of the Offering from treasury at the Offering Price. |
| TSX contact: | Chris Birkett, Managing Director, Toronto Stock Exchange. |