Element Financial Corporation announces receipt for final prospectus for the qualification of common shares underlying previously issued special warrants
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TORONTO, Feb. 5, 2013 /CNW/ - Element Financial Corporation (TSX: EFN) ("Element" or the "Company"), Canada's leading independent equipment finance company, today announced 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 19,500,000 common shares of the Company (the "Common Shares") issuable upon the deemed exercise of 19,500,000 special warrants (the "Special Warrants") previously issued by the Company. The Special Warrants were issued on a private placement basis on November 23, 2012 pursuant to the terms of a special warrant indenture, which entitles the holder of each Special Warrant to receive, upon exercise or deemed exercise thereof, for no additional consideration, one Common Share.
The Special Warrants will be deemed to be exercised on February 6, 2013. Purchasers of Special Warrants should check with their broker to ensure the underlying Common Shares have been properly credited to their account (U.S. purchasers will receive definitive certificates). Following the exercise of the Special Warrants, Element will have 102,541,999 Common Shares issued and outstanding.
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 $1.5 billion, Element Financial Corporation is one of North America's leading independent equipment finance companies. Element operates across North America in three verticals of the equipment finance market - Element Capital provides large ticket equipment leasing, Element Finance serves the mid-ticket equipment finance market and Element Fleet 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 Element, including risks regarding the equipment finance industry, economic factors and many other factors beyond the control of Element. 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 CorporationFor further information:
Senior Vice President
Corporate Affairs & Investor Relations
(416) 386-1067 ext. 313
Chief Financial Officer
(416) 386-1067 ext. 225