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Dominion Lending Center Completes Acquisition of Newton, Canadian Business Journal

Vancouver, British Columbia, February 28, 2022 (GLOBE NEWSWIRE) — Dominion Lending Centers Inc. (TSX: DLCG) (“DLC” or “Corporation”) announces that it has completed the remaining 30% acquisition. did. 10017078 Canada Inc not yet owned by DLC. (“Newton Holdco”) (“Newton Acquisition”) transaction. This transaction was previously announced on February 15, 2022. Systems Inc.

The acquisition of Newton was by Corporation and Next4 Holdings Inc on February 15, 2022. Completed in accordance with the share purchase agreement with (“Next 4”). Kosha has completed the acquisition of Next4 by paying Next4 a total purchase price of $ 24,000,000. This includes: (Ii) Issuance of the Company’s 1,853,247 Class “A” common stock (“common stock”) with a deemed value of $ 3.85 per share (“stock consideration”).

To fund the acquisition of Newton, Corporation has signed an amendment agreement with the Toronto-Dominion Bank (“TD”) dated February 28, 2022. .. A total of $ 16,865,000 was withdrawn to the acquisition credit line to pay the vendor cash at the time of closing, and a total of $ 7,135,000 was withdrawn to the acquisition credit line to transfer money to the company’s non-core business unit in consideration of the issue of shares. Consideration (amount paid for Kosha’s junior term loan with TD). As a result, the acquisition of Newton resulted in a net additional borrowing of $ 16,865,000, an increase in corporate borrowing of $ 24,000,000 and a decrease in corporate non-core business borrowing of $ 7,135,000. Due to the share consideration paid to Next4 with the issuance of the share consideration, it was necessary to coordinate between the core business and the non-core business in order to make the entire non-core business of the company a non-core business.

Dominion Lending Centers Inc.about

The DLC Group is Canada’s leading network of mortgage professionals. The DLC Group operates through Dominion Lending Centers and its three major subsidiaries, MCC Mortgage Center Canada Inc., MA Mortgage Architects Inc., and Newton Connectivity Systems Inc., and operates throughout Canada. The DLC Group’s extensive network includes up to 7,500 agents and 515 locations. The DLC Group, headquartered in British Columbia, was founded in 2006 by Gary Mauris and Chris Kayat.

The contact information for the corporation is as follows.

James Bell
Co-representative
403-560-0821
jbell@dlcg.ca
Robin Burpee
Co-Chief Financial Officer
403-455-9670
rburpee@dlcg.ca
Amar Leica
Senior Vice President, Capital Markets
403-455-6671
aleekha@dlcg.ca


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Dominion Lending Center Completes Acquisition of Newton, Canadian Business Journal

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