VANCOUVER, British Columbia, May 16, 2022 (GLOBE NEWSWIRE) — Dominion Lending Centers Inc. (TSX: DLCG) (“DLC” or the “Company”) is pleased to announce that it has received a Notice of Exercise duly completed by the holder of the 2,078,568 BSA Lenders previously issued in June 2017 (the “BSA Lenders”). The holder of the Lender Warrants is entitled to receive 2,078,568 Class “A” common shares of the Company (the “Common Shares”) upon payment to the Company of the exercise amount of $2.988 million (i.e. $1.4375 per share).
Concurrent with the exercise of the lender’s warrants, KayMaur Holdings Ltd. (“KayMaur”) and Belkorp Industries Inc. (“Belkorp”) have each entered into private transaction agreements with the holder of the lender’s warrants to acquire the 2,078,568 common shares issued upon the exercise of the warrants. subscription from the lender at a price of $3.07 per share (KayMaur agreed to acquire 1,039,284 common shares and Belkorp agreed to acquire 1,039,284 common shares). Upon completion of the transactions, KayMaur will own or control a total of 18,062,115 common shares and Belkorp will own or control a total of 13,848,498 common shares (37.2% and 28.6% of the issued and outstanding shares of the Company, respectively). The transaction is expected to close on May 20, 2022.
KayMaur is owned by Gary Mauris and Chris Kayat, the co-founders of DLC. Messrs. Mauris and Kayat are both directors and members of senior management of the Company.
Gary Mauris, Chairman and Chief Executive Officer of the Company, said, “Chris and I are excited to increase our stake as we believe in DLC, our dedicated management team and our best mortgage professionals. . We are also delighted that Belkorp has also decided to increase its stake in DLCG and we thank them for their continued support.
About Dominion Lending Centers Inc.
The DLC Group is the leading network of mortgage professionals in Canada. The DLC Group operates through Dominion Lending Centers and its three principal subsidiaries, MCC Mortgage Center Canada Inc., MA Mortgage Architects Inc. and Newton Connectivity Systems Inc., and has operations across Canada. The DLC Group’s extensive network includes approximately 7,750 agents and 530 locations. Based in British Columbia, DLC Group was founded in 2006 by Gary Mauris and Chris Kayat.
The Company’s contact details are as follows:
Senior Vice President, Capital Markets