Mosaic Capital Corporation (TSX-V: M) has closed previously announced $150 million financing with Fairfax Financial Holdings Limited (TSX: FFH, FFH.U).
The financing consists of $100 million aggregate principal amount of 6% senior preferred securities, $50 million aggregate principal amount of 5% senior secured debentures, and common share purchase warrants entitling Fairfax to acquire up to 17,026,106 common shares of Mosaic at a price of $8.81 per common share until January 26, 2024. If the warrants were fully exercised, Fairfax would own approximately 66% of the currently issued and outstanding common shares of Mosaic.
Mosaic has granted to Fairfax the right to two board nominations and pro-rata financing participation rights. These financing rights provide Fairfax with a pre-emptive right to participate in future common share issuances by Mosaic up to the extent necessary for Fairfax to maintain its partially diluted common share ownership position.
photo credit: Mosaic Capital
Ted is the architect of CVCA infobase, and is the architect of CPE Media's Financings.ca, Canada's most sophisticated and advanced all private capital and public market financing database.
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