Cliffside Capital Ltd. Provides Company Update and Announces Independent Trading Group Engagement as Market Maker
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TORONTO, 25 October 2021 / CNW / – Cliffside Capital Ltd. (“On the cliff side“or the “Society“) (TSXV: CEP) is pleased to announce that it has received renewals of financing facilities from two of its existing third party lenders up to a maximum of $ 85 million. The terms and renewal rates are more favorable to the Company than those previously in effect under the terms of the Company’s existing loan and guarantee agreements with the lenders in question. Cliffside may use these facilities from time to time to finance the purchase of unsecured auto loan receivables that meet certain criteria approved by lenders. Access to strong, stable funding with appropriate pricing is key to Cliffside’s goal of continued growth in quality assets under administration. These facility renewals complement the new credit facility recently announced by the Company with $ 180 million annual financing capacity, bringing the total availability of financing, until the next renewal of the installations, to $ 265 million. Before the renewal of these two financing facilities, approximately $ 300 million non-prime auto loan receivables had been securitized there since 2017.
Cliffside is also pleased to announce that it has retained the services of the Independent Trading Group (“ITG“) Inc. to provide market making services in accordance with the applicable policies of the TSX Venture Exchange (the” TSX-V “). ITG will trade the common shares of the Company on the TSX-V and on other venues. – trading forms with the aim of maintaining a reasonable market and improving the liquidity of the Company’s ordinary shares.
Under the agreement, ITG will receive compensation of $ 5,000 per month, payable in advance. The agreement is for an initial term of three months and will be renewed for additional terms of one month unless terminated. The contract can be terminated by either party with 30 days notice. The agreement does not contain any performance factor and ITG will not receive any shares or options as compensation. ITG and Cliffside are unrelated and unaffiliated entities and, at the time of the agreement, neither ITG nor its principals have any interest, directly or indirectly, in the securities of Cliffside.
More information on Cliffside is available at www.cliffsidecapital.ca.
Cliffside is focused on investing in strategic partnerships with parties that have specialized expertise and a proven track record in granting and managing loans and similar types of financial assets. Cliffside’s strategy is to generate income as an investor, offering its shareholders the opportunity to invest in the growing alternative lending industry with the potential for attractive returns and minimal operational risk while achieving a total return. reliable. For more information, see the documents filed by Cliffside on SEDAR at www.sedar.com.
CAUTION REGARDING FORWARD-LOOKING INFORMATION: This press release includes certain “forward-looking statements” under applicable Canadian securities laws. Forward-looking statements include, without limitation, statements regarding the business and operations of Cliffside. Forward-looking statements are necessarily based on a number of estimates and assumptions which, while believed to be reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results to be and future events differ materially from those expressed or implied. by such forward-looking statements. These factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; results of operations; potential for conflicts of interest; and the price and volume volatility of Cliffside common stock. There can be no assurance that such statements will prove to be accurate or complete, as actual results and future events could differ materially from those anticipated in such statements. Therefore, readers should not place undue reliance on forward-looking statements. Cliffside disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Cliffside Capital Ltd.
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