On September 20, 2021, TIMIA Capital Corporation completed its acquisition of Pivot Financial Services Inc. (“PFSI”) and the assets of Pivot Financial Inc. (“PFI”), a Canadian-based private lender focused on creative financing solutions for the small and medium business market. Pursuant to the transaction, TIMIA acquired the loan book and other assets and assumed specific related debt of PFI, and all of the issued and outstanding common shares of PFSI, and established a new wholly-owned limited partnership to manage the loan book, other assets and specific related debt of PFI.
The purchase price of the acquisition was $6 million plus working capital comprised of aggregate consideration payable by TIMIA including the issuance of 5,000,000 common shares (at a deemed price of $0.30 per common share) and 2,000,000 preferred shares (at a deemed price of $1.00 per preferred share) and the payment of $1 million in cash (subject to post-closing working capital adjustments).
Cassels acted for PFI and PFSI.