Mosaic Capital Corporation Announces Closing of $21.3 Million Private Placement
Calgary, Alberta (FSCwire) – Mosaic Capital Corporation (“Mosaic”) (TSX-V Symbols: M, M.PR.A and M.WT) is pleased to confirm the closing today of its previously announced initial private placement (“Offering”) of units of Mosaic(“Units”) with each Unit consisting of one private yield security of Mosaic (a “Private Yield Security”) and one private yield security purchase warrant (a “Warrant”), as further detailed in Mosaic’s news release dated February 18,2015 (collectively, the Units, Private Yield Securities and the Warrants are referred to herein as the “Securities”).
Under the Offering 21,320 Units have been issued for total gross proceeds of $21.3 million and Mosaic will pay a fee equal to approximately 3% of the gross proceeds to Westcourt Capital Corporation. Mosaic anticipates an additional private placement of Units to close at or around the end of February, 2015.
The net proceeds from the Offering are anticipated to be used for Mosaic’s future acquisitions and for general corporate purposes.
The Securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for the sale of, or the solicitation of an offer to buy, the Securities in the United States or in any jurisdiction in which such offer, solicitation or sale would be unlawful.
ABOUT MOSAIC CAPITAL CORPORATION
Mosaic is an investment company based in western Canada that owns a portfolio of established businesses with competitive advantages that have a history of generating cash flow from their operations. Mosaic’s objective is to create long term value for our shareholders and business partners and to have that reflected in our share price. We believe that this is achieved by growing free cash flow per share and retained earnings. We do this by acquiring businesses that we understand at attractive prices and we manage our risk through
extensive due diligence, creative transaction structuring and working closely with our businesses after acquisition.