LOGiQ Asset Management Announces Private Placement of $5.2 Million
TORONTO, ONTARIO--(Marketwired - Dec. 20, 2016) -
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LOGiQ Asset Management Inc. (formerly, Aston Hill Financial Inc.) (the "Company" or "LOGiQ") (TSX:LGQ) announces it has completed a non-brokered private placement (the "Private Placement") for $5.2 million.
The Private Placement consists of the issuance of an aggregate of 34.4 million common shares in the capital of the Company (each, a "Common Share") at a price of $0.15 per Common Share for gross proceeds of $5.2 million. PowerOne Capital Markets Limited acted as a finder in connection with the private placement. Finder's fees of 6% cash and 6% in broker warrants exercisable for 24 months from the date of closing of the private placement at $0.15 per common share were paid in connection with the private placement.
Proceeds from the Private Placement are expected to be used to fund future acquisitions and for general corporate purposes.
"LOGiQ has been built as a platform to consolidate other independent asset management firms and to attract top investment talent," says Joe Canavan, President and CEO of LOGiQ Asset Management. "This capital infusion will facilitate potential future acquisitions consistent with our goal to build the size and scale we need to be in a position to deliver superior, cost-efficient investment solutions, and ultimately better value, to all of our stakeholders," adds Joe.
LOGiQ Asset Management Inc. (TSX:LGQ) is a diversified asset management company with a suite of retail mutual funds, closed end funds, hedge funds and segregated institutional funds. LOGiQ Asset Management Inc. is headquartered in Toronto, Ontario.
The TSX has neither approved nor disapproved the information contained herein.
This news release contains certain "forward-looking statements" within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, various assumptions were used in drawing the conclusions or making the projections contained therein, and such statement are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information.
LOGiQ Asset Management Inc.