HB Leaseco Holdings Inc. Files Early Warning Report Regarding Its Interest in Chesswood Group Limited

TORONTO, May 3, 2021 /CNW/ - HB Leaseco Holdings Inc. ("HB Leaseco") has filed an early warning report in accordance with National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with its acquisition of 84,933 common shares (the "Common Shares") and 934,267 special warrants (the "Special Warrants") of Chesswood Group Limited ("Chesswood") in exchange for HB Leaseco's interests in the common shares of 2750036 Ontario Inc. Each Special Warrant is exchangeable for one Common Share of Chesswood, subject to adjustment. The Common Shares and Special Warrants were issued pursuant to the merger (the "Transaction") between Chesswood's subsidiary Blue Chip Leasing Corporation and Vault Credit Corporation. See the press release dated April 7, 2021 for more details.

The Transaction resulted in HB Leaseco holding approximately 4.41% of the issued and outstanding Common Shares of Chesswood. Together with its joint actors, HB Leaseco has ownership and control over 2,888,784 Common Shares (assuming the exercise of all of the Special Warrants), representing 15.25% of the issued and outstanding Common Shares of Chesswood.

The Transaction was entered into for investment purposes. HB Leaseco and any joint actor may, from time to  time,  acquire  or  dispose  of  ownership  or  control  or  direction  over  some  or  all  of  the  Common Shares or Special Warrants of Chesswood through the open market, privately or otherwise, as circumstances or market conditions dictate.

A copy of the early warning report may be found in Chesswood's documents on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.

SOURCE HB LEASECO HOLDINGS INC.

Isha Chandi, [phone] x 240