All figures in Canadian dollars unless otherwise noted.
Toronto, Ontario–(Newsfile Corp. – August 4, 2020) – Mount Logan Capital Inc. (NEO: MLC) (the “Company“) announced today that it has filed and obtained a receipt for a preliminary short form prospectus (the “Prospectus“) in each of the provinces of Canada other than Quebec, with respect to an offering (the “Offering“) of up to $25,000,000 of common shares of the Company (the “Offered Shares“). The Offering is being conducted on a “best efforts” agency basis under the terms of an agency agreement to be entered into between the Company and Canaccord Genuity Corp. (the “Lead Agent“), AltaCorp Capital Inc. and Stifel Nicolaus Canada Inc. (collectively with the Lead Agent, the “Agents“). The price per Offered Share will be determined in the context of the market prior to the filing of the (final) short form prospectus in respect of the Offering.
The Company intends to use the net proceeds of the Offering to further its business strategy of investing in public and private debt securities in the North American market.
The Company has applied to list the Offered Shares issuable in connection with the Offering on the facilities of the Neo Exchange Inc. (the “NEO Exchange“). A copy of the Prospectus is available under the Company’s SEDAR profile at www.sedar.com. The Offering is subject to certain customary conditions, including the receipt of all necessary regulatory approvals, including the approval of the NEO Exchange and any necessary shareholder approval required by the NEO Exchange.
This press release is not, and under no circumstances is it to be construed as, a prospectus or an advertisement, and the communication of this press release is not, and under no circumstances is it to be construed as, an offer to sell or a solicitation of an offer to purchase securities of the Company. This press release is not intended for U.S. persons. The Company’s shares are not and will not be registered under the U.S. Securities Act of 1933 and the Company is not and will not be registered under the U.S. Investment Company Act of 1940 (the “1940 Act”). U.S. persons are not permitted to purchase the Company’s shares absent an applicable exemption from registration under each of these Acts. In addition, the number of investors in the United States, or which are U.S. persons or purchasing for the account or benefit of U.S. persons, will be limited to such number as is required to comply with an available exemption from the registration requirements of the 1940 Act.
About Mount Logan Capital Inc.
Mount Logan Capital Inc. is an alternative asset management company that is focused on public and private debt securities in the North American market. The Company seeks to source and actively manage loans and other debt-like securities with credit-oriented characteristics. The Company actively sources, evaluates, underwrites, monitors and primarily invests in 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 press release may include, but are not limited to, information concerning the completion of the Offering, the approval of the NEO Exchange of the Offering and the listing of the Offered Shares being issued thereunder, the receipt of any additional regulatory approvals required to complete the Offering, the receipt of any necessary shareholder approvals in respect of the Offering, the number of Offered Shares to be sold by the Company and the expected use of proceeds from the Offering. 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 under “Risk Factors” in the Prospectus and the most recently filed annual information form and management’s discussion and analysis for the Company. 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 date 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:
Ted Gilpin, Chief Financial Officer
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/61001
Stockify goes fully Digital, offers Mutual Funds and Dematerialization of shares
In a strategic move to expand its offerings and provide a comprehensive suite of financial services, Stockify, a leading platform for Unlisted and pre-IPO shares in India, has announced plans to venture into the Mutual Fund space.
This development comes as part of Stockify’s mission to assist High-Net Individuals (HNIs) and Non-Resident Indians (NRIs) in accessing various investment opportunities in India via the pre-IPO route and maximizing their wealth. The company is also set to facilitate the Dematerialization of Shares. (Conversion of Physical Share to DEMAT account.)
Founded by Piyush Jhunjhunwala (CA, CPA) and Co-Founded by Rahul Khatuwala (CA) both seasoned finance professionals with decades of experience in global conglomerates.
Stockify has already carved a niche for itself in the Indian Financial landscape. The platform primarily focuses on providing access to Blue-Chip Stocks before their listing on the Indian Stock Market (via the Pre IPO Route) enabling early investors to potentially achieve significant returns. While expressing the company’s intent behind expanding its services, Jhunjhunwala said, “Mutual Funds are the backbone of the Indian Equity market, and we believe it is important that NRI and retail investors in India can greatly benefit from our new offering and this will help them in creating long-term wealth.”
The recent announcement of Stockify entering the Mutual Funds market follows the company’s successful acquisition of a Mutual Fund license in the first quarter of 2023. Alongside Mutual Funds, Stockify intends to offer an array of other financial products, like Start-up Funding, fixed investment products like Bonds and Non-Convertible Debentures (NCDs) and Insurance-Linked Investments, in the coming months. Notably, Stockify plans to make all its products and services 100% accessible online, aligning with the Digital India vision of our beloved Prime Minster Mr. Narendra Modi.
Currently, Stockify boasts 70 Unlisted/pre-IPO companies on its platform, with in-depth research conducted on all of them as stated by Jhunjhunwala. It offers a simple online process where transactions can be completed online, and shares get transferred to the clients DEMAT account on the same day.
Stockify’s global presence was recently showcased at the Dubai Fintech Summit (DFS). The two-day event brought together over 5,000 C-suite leaders, 1,000-plus investors, and 150 speakers from around the world. Stockify was selected as one of the proud exhibitors at the summit, solidifying its position as one of the world’s largest providers of pre-IPO and Unlisted Stocks in India.
With its ambitious expansion plans and commitment to innovation, Stockify is set to continue revolutionizing the way investors access and engage with financial opportunities in India and beyond.
VerifyVASP Wins Hong Kong’s IFTA Fintech and Innovation Awards 2022/23: Regulatory Technology Award
VerifyVASP was awarded the Institute of Financial Technologists of Asia (IFTA) Fintech and Innovation Awards 2022/23 for Regulatory Technology. The awards exhibit the extraordinary achievements made by companies and individuals in the finance and technology industries.
The IFTA Awards, themed “Game Changers: The Rise of Next Gen Fintech”, celebrates ground-breaking ideas and technologies that are shaping the future of finance. The distinguished Guest of Honour presenting the IFTA awards was the Under Secretary for Financial Services and the Treasury for Financial Services in the Hong Kong SAR, Mr. Joseph Ho-Lim Chan.
VerifyVASP has established itself as a comprehensive Travel Rule solution provider catering to Virtual Assets Service Providers (VASPs) worldwide. Its commitment to facilitating full compliance with Travel Rule regulations across multiple jurisdictions has earned it this prestigious recognition.
This accolade comes at an opportune time, as VerifyVASP supports the Hong Kong Virtual Asset Trading Platforms (VATPs) in adhering to the regulatory framework set forth by the Hong Kong Securities & Futures Commission, which came into effect on 1 June 2023. VATPs are granted a grace period till 1 January 2024 to ensure compliance with Travel Rule requirements.
The IFTA Fintech and Innovation Award underscores VerifyVASP’s capabilities, including:
- Facilitation of counterparty due diligence: VerifyVASP assists VASPs in counterparty due diligence before the first transaction, to stringent standards akin to that observed in correspondent banking. This is achieved through VerifyVASP’s own rigorous due diligence process, encompassing over 100 VASPs.
- Immediate and secure transmission: Leveraging a scalable architecture, VerifyVASP ensures immediate and secure transmission of required information, alongside verification of such information. To date, the platform has processed over 5 million transfers.
- Adherence to international data protection laws: VerifyVASP complies with international data protection law thanks to its decentralised, end to end encrypted architecture. This dedication to data security and privacy sets it apart in the industry.
- Asset agnostic: VerifyVASP’s capabilities extend to accommodating any type of virtual asset, having processed over 400 cryptocurrency variants on its platform.
- Integration of third-party screening solutions: VerifyVASP seamlessly integrates third-party solutions, allowing for efficient screening of originators or beneficiaries before blockchain transactions.
SOURCE VerifyVASP Pte Ltd
Nagad’s Digital Bank on cards, Sadaf to lead the side
Nagad, Bangladesh’s leading Mobile Financial Service (MFS) provider, is gearing up to establish the much-anticipated digital bank, as it is going to secure a licence from the Bangladesh Bank within a couple of months.
Sadaf Roksana, a co-founder and executive director of Nagad Ltd., has been entrusted with the responsibility of leading her company’s transformative venture that will bring greater convenience to the lives of millions of Bangladeshis, reducing their reliance on traditional brick-and-mortar banks.
The MFS provider earlier applied to secure a digital bank licence following the central bank’s call for applications through its website. The Bangladesh Bank also formulated necessary guidelines to widen and accelerate financial inclusion, which will also create jobs for young IT workers.
The world’s fastest mobile money carrier is going to venture into the digital banking era at a time when the financial landscape across the globe is fast evolving towards digitalisation, driven by technological advancements and changing consumer preferences.
Taking on the new assignment, Sadaf, a seasoned financial executive with a remarkable track record in the fintech industry, is poised to steer Nagad’s digital bank towards success. Once Nagad gets the digital bank licence, it will provide its consumers with innovative and convenient banking solutions.
“We are very excited that we are going to introduce digital banking services to the people of Bangladesh within a couple of months,” Sadaf said, adding, “This endeavour aligns perfectly with our vision of enhancing financial inclusion and ensuring easy access to all financial services also at affordable prices.”
Nagad is already well-equipped to launch a digital bank. It will start serving customers soon after getting the licence, Sadaf assured.
Under its digital banking platform, Nagad will introduce many new services, such as single-digit and collateral-free loans for small informal businesses and farmers who now are to take loans from moneylenders even at 40% interest rate per day, she pointed out.
“Thus, we will encourage them to come under financial inclusion, thus putting their money into the formal channel,” she expressed her optimism.
To assess one’s creditworthiness, Nagad has created an AI-based credit rating system that will analyse all transactions-related data available on public domains using one’s NID and mobile number, Sadaf Roksana added.
As Nagad goes ahead with its plans, all eyes will be on Sadaf Roksana and her team as they will embark on this exciting journey towards a more digitised and inclusive financial future for the country.
SOURCE Nagad Limited
- JUSTIN ROSE NAMED WINNER OF THE NICKLAUS-JACKLIN AWARD PRESENTED BY AON AT 44TH RYDER CUP
- Safra New York Corporation Completes The Acquisition Of Delta North Bankcorp.
- EMpact launches its venture studio in Central America, heralding a new approach to impact investing in frontier markets
- Bitcoin Price Climbs 3% on US Shutdown and Yields Gloom, But Bitcoin Minetrix Raises $200,000 and Is the Real Winner
- Webb Unveils Tangle Network Testnet, Pioneering the Future of Private, Decentralized Applications
- AMD Unveils Purpose-Built, FPGA-Based Accelerator for Ultra-Low Latency Electronic Trading
- AIIB, Türkiye Sign EUR150 Million Loan Agreement as Additional Funding for Istanbul Seismic Mitigation and Emergency Preparedness
- L’Oréal groupe OFFICIALLY OPENS NEW UK HEADQUARTERS IN WHITE CITY
- Digital Twin Market size worth USD 133.7 Billion, Globally, by 2030 at 38.1% CAGR: Verified Market Research®
- Swoop and Sage Unveil Global Partnership to Revolutionise Business Funding and Cost-Savings Solutions
- Swoop and Sage Unveil Global Partnership to Revolutionize Business Funding and Cost-Savings Solutions
- BGC Group Updates its Outlook for the Third Quarter of 2023
- Halifax Agrees to Acquire the Worldwide Home Care Division of Sodexo
- 2023 World Design Cites Conference Opens in Shanghai
- Embracing common values of whole mankind: China’s commitment to brighter future
Fintech PR2 weeks ago
2023 Asian Green and Low-Carbon Development Roundtable successfully held
Fintech PR2 weeks ago
Aon Joins International Emissions Trading Association as First Member with Risk Capital Capabilities
Fintech PR2 weeks ago
Wearable Devices and IoT Revolutionize Healthcare Monitoring and Weight Management
Fintech PR2 weeks ago
MYEG PARTNERS CHINA’S BEITOU IT INNOVATION TO SHOWCASE DIGITAL IDENTITY CREDENTIALS SERVICE ON THE ZETRIX BLOCKCHAIN
Fintech PR2 weeks ago
Tom Fitzpatrick Joins R.J. O’Brien as Managing Director, Global Markets Insights
Fintech PR2 weeks ago
Stockings shift toward subscriptions this holiday season for UK shoppers, according to Recurly research
Fintech PR2 weeks ago
IM Cannabis Announces CFO Departure
Fintech PR2 weeks ago
MAX Exchange and Bitget announce strategic partnership, marking MAX Token’s debut on an international exchange