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/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY
CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW./
TORONTO, Aug. 14, 2012 /CNW/ - Element Financial Corporation (TSX: EFN)
("Element" or the "Company), one of Canada's leading independent
equipment finance companies, is pleased to announce that it has
obtained a receipt from the Ontario Securities Commission for its final
short form prospectus (the "Prospectus") filed in each of the Provinces
of Canada.
The Prospectus qualifies the distribution of 16,595,900 common shares of
the Company issuable upon the deemed exercise of 16,595,900 special
warrants previously issued by the Company on May 31, 2012.
The Special Warrants were issued at $5.25 per warrant and the Offering
closed on May 31, 2012 resulting in total proceeds to Element of C$87.1
million. Each Special Warrant entitled the holder to receive, upon
exercise or deemed exercise thereof, for no additional consideration,
one Common Share in the capital of Element. As previously announced,
the Special Warrants were issued on a private placement basis through a
syndicate of agents co-led by GMP Securities L.P, Barclays Capital
Canada Inc. and BMO Capital Markets acting as Joint Bookrunners, and
included RBC Capital Markets, CIBC World Markets Inc. and Scotia
Capital Inc. The Special Warrants will be deemed to be exercised on
August 14, 2012. Purchasers of Special Warrants should check with their
broker to ensure the underlying Common Shares have been properly
credited to their account (share certificates will not be issued).
"I'm very pleased that we have cleared our first prospectus with the
Canadian securities regulators and that we have provided liquidity on a
timely basis to our special warrant purchasers in accordance with our
commitment to them on our May private placement financing," indicated
Steven Hudson, Element's Chief Executive Officer.
A copy of the Prospectus and Receipt are available on SEDAR under the
Company's profile at www.sedar.com.
About Element Financial Corporation
With total assets of approximately $1 billion, Element Financial
Corporation is Canada's leading independent equipment finance company.
Element operates nationally in three segments of the equipment finance
market - Element Capital provides large ticket equipment leasing,
Element Finance serves the mid-ticket equipment finance market and
Element Fleet Leasing provides vehicle fleet leasing and management
solutions through the Company's TLS Fleet Management division.
Forward Looking Statements
This release includes forward-looking statements regarding Element and
its business. Such statements are based on the current expectations and
views of future events of Element's management. In some cases the
forward-looking statements can be identified by words or phrases such
as "may", "will", "expect", "plan", "anticipate", "intend",
"potential", "estimate", "believe" or the negative of these terms, or
other similar expressions intended to identify forward-looking
statements. The forward-looking events and circumstances discussed in
this release may not occur and could differ materially as a result of
known and unknown risk factors and uncertainties affecting the company.
No forward-looking statement can be guaranteed. Forward-looking
statements and information by their nature are based on assumptions and
involve known and unknown risks, uncertainties and other factors which
may cause our actual results, performance or achievements, or industry
results, to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statement or information. Accordingly, readers should
not place undue reliance on any forward-looking statements or
information. Except as required by applicable securities laws,
forward-looking statements speak only as of the date on which they are
made and Element undertakes no obligation to publicly update or revise
any forward-looking statement, whether as a result of new information,
future events, or otherwise.
SOURCE: Element Financial Corporation
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