TORONTO, Sept. 10, 2019 (GLOBE NEWSWIRE) — Mount Logan Capital Inc. (NEO:MLC) (“Mount Logan,” “our,” “we,” or the “Company”) today announced that it has completed a non-brokered private placement (the “Private Placement”) of an aggregate of 2,968,750 common shares at a price of CAD$0.56 per share for gross proceeds of approximately CAD$1.66 million.
Ted Goldthorpe, CEO and Chairman of Mount Logan, noted, “This private placement represents a strong step towards growing Mount Logan, our shareholder base, and increasing the liquidity of our stock.”
The net proceeds of the Private Placement are intended to be used to purchase loans, debt instruments, and other investments in the ordinary course of business and fund general working capital needs.
In accordance with applicable securities legislation, the common shares of the Company issued in the Private Placement are subject to a statutory hold period of four months.
The common shares of the Company issued in the Private Placement have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from registration requirements. This release does not constitute an offer for sale of securities in the United States.
About Mount Logan Capital Inc.
Mount Logan Capital Inc. is a Canada-based asset manager created to source and execute on credit investment opportunities in North America. The Company holds and actively manages and monitors a portfolio of loans and other investments with credit-oriented characteristics. The Company intends to actively source, evaluate, underwrite, monitor, and primarily invest in additional loans, debt securities, and other credit-oriented instruments that present attractive risk-adjusted returns and present low risk of principal impairment through the credit cycle.
This press release contains forward-looking statements and information within the meaning of applicable securities legislation (collectively referred to herein as “forward-looking statements”). Forward-looking statements can be identified by the expressions “seeks”, “expects”, “believes”, “estimates”, “will”, “target” and similar expressions. The forward-looking statements are not historical facts, but reflect the current expectations of management of the Company regarding future results or events and are based on information currently available to them. Certain material factors and assumptions were applied in providing these forward-looking statements. The forward-looking statements discussed in this release include, but are not limited to, statements relating to the Company’s working capital needs, liquidity of the Company’s stock, future cash flows and earnings, transaction pipeline, business plans and strategy, future financial or operating performance, expected portfolio scale, future credit opportunities, future outlook and anticipated events or results, future financial position, expected plans, and other statements that are not historical facts. All forward-looking statements in this press release are qualified by these cautionary statements. The Company believes that the expectations reflected in forward-looking statements are reasonable based on upon the information available at the time such information was given; however, the Company can give no assurance that the actual results or developments will be realized by certain specified dates or at all. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the matters discussed (i) under “Risks Factors” in the most recently filed annual information form and management discussion and analysis for the Company, and (ii) under the risk factors sections in the management information circular of the Company dated September 4, 2018. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. The Company undertakes no obligation to publicly update any such statement or to reflect new information or the occurrence of future events or circumstances except as required by securities laws. The forward-looking statements in this press release are made as of the dates of this press release.
This press release is not, and should not be construed as, an offer to sell or acquire any securities in any jurisdiction.
For additional information, please contact:
Dave Guebert, Chief Financial Officer