TORONTO, June 8, 2018 /CNW/ - Axis Auto Finance Inc. ("Axis" or the "Company"), (TSXV: AXIS) a non-prime lender servicing the Canadian used vehicle market, announced today that it has granted Stock Options ("Options") in accordance with the Stock Option Plan of the Company, Restricted Share Units ("RSUs") in accordance with RSU Plan of the Company and has retained an Investor Relations service provider.
The Board of Directors of the Company (the "Board") has approved Option grants to purchase an aggregate of 4,602,000 Common Shares pursuant to the terms of the Stock Option Plan. The Options have an exercise price of $0.70 and expire 7 years from the grant date. Approximately 80% of the granted Options vest over a 3 year term, 17% over 2 years and the balance over 12 months.
The Board has also approved the grant of 4,526,571 RSUs at the equivalent of $0.70 per RSU. The RSUs vest over terms of up to 4 years and are subject to various milestones defined by the Board.
Axis has also retained the services of Hybrid Financial Ltd. ("Hybrid") for strategic investor relations services. Specific duties include initiating and maintaining contact with the financial community, shareholders, investors and other stakeholders for the purpose of increasing awareness of Axis and its activities.
Hybrid was founded in early 2011 to provide retail-focused origination and distribution services to the investment management industry throughout North America. Hybrid is based in Toronto, Ontario and also has an office in Montreal, Quebec. Neither Hybrid nor any of its directors and officers own any securities of Axis.
Pursuant to the agreement with Axis (the "Agreement"), Hybrid will perform strategic investor relations services for the Company for an initial period of three months commencing on June 11, 2018. In consideration for such services, Axis will pay a monthly retainer fee of C$14,000 from cash on hand and will grant 200,000 Options, subject to certain milestone based vesting provisions. The grant of Options follow the guidelines set out in the Stock Option Plan of the Company and set by TSX Venture Exchange. The Agreement and the Options granted thereby are subject to the approval of the TSX Venture Exchange.
About Axis Auto Finance
Axis provides non-standard financing options targeting roughly 30% of Canadians (Source: Equifax) that do not qualify for traditional bank-type financing for their used vehicle purchase. Through personalized service and a commitment to building strong, long-lasting relationships with dealer partners, Axis continues to be one of Canada's fastest-growing auto-financing companies.
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Axis Auto Finance Inc.
For further information: Axis Auto Finance Inc., Ilja Troitschanski, President, (416) 633-5626, [email protected]