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Axis Auto Finance sizes offering of subscription receipts, debentures

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Axis Auto Finance sizes offering of subscription receipts, debentures

Axis Auto Finance Inc. announced the final sizing of an offering of subscription receipts and debentures on an underwritten private placement basis.

A total of 9,353,575 subscription receipts were issued at a price of 70 Canadian cents apiece for gross proceeds of approximately C$6.5 million. A total of C$17.5 million of extendible convertible unsecured subordinated debentures were also issued. The company saw aggregate proceeds of C$24 million.

The underwriters have been granted an option to purchase at the offer price up to an additional 1,403,036 subscription receipts and an additional C$2.6 million of debentures.

The company will use the net proceeds of the offering to partially finance the cash portion of the purchase price of the acquisition of Trend Financial Corp.

The offering is scheduled to close on or about March 22.

The syndicate of underwriters were co-led by Canaccord Genuity Corp. and INFOR Financial Inc., and included PI Financial Corp. and Raymond James Ltd.