TORONTO, March 29, 2021 /CNW/ - EFH Holdings
Inc. (the "Company" or "EFH") (TSXV: EFH) is
pleased to announce that, due to over subscription, it has
increased its previously announced non-brokered private placement
(the "Private Placement") to $3,884,552, consisting of 2,735,600 common
shares of the Company ("Shares") at a price of $1.42 per Share. The closing of the Private
Placement is expected to occur on or about April 1st, 2021.
As previously stated in the press release dated March 11, 2021, the proceeds of the Private
Placement will be used exclusively to finance the acquisition of
the remaining 25% ownership of The Insurance Company of
Prince Edward Island
("ICPEI") that the Company currently does not own (the
"Acquisition"). Furthermore, if the Acquisition is not
completed, the proceeds of the Private Placement will be returned
to the subscribers.
The Shares issued pursuant to the Private Placement will be
subject to a hold period of four (4) months and one day from the
date of closing of the Private Placement. In addition, the Private
Placement is subject to the approval of the TSX Venture
Exchange.
About The Insurance Company of Prince Edward
Founded in 1987, The Insurance Company of Prince Edward Island offers market-leading
home, auto and commercial insurance solutions. Its products are
sold exclusively through a network of brokers across all three
Maritime Provinces and Quebec.
ICPEI has established a longstanding record of underwriting
profitability, rooted in its disciplined approach to risk
selection. On July 1, 2014, EFH
acquired 75% ownership of ICPEI.
About EFH Holdings Inc.
Founded in 1998, EFH Holdings Inc. operates in the property and
casualty insurance industry in Canada, providing personal and commercial
lines insurance exclusively through the broker channel. The Company
distributes insurance products through The Insurance Company of
Prince Edward Island. It trades on
the TSX Venture Exchange under the symbol EFH.
Forward-looking Information
This news release contains forward-looking information based on
current expectations. This information includes, but is not limited
to, statements about the targets, ongoing objectives, strategies,
timelines for completing the Acquisition and the Private Placement,
amounts to be raised pursuant to the Private Placement and outlook
of EFH. These statements, which appear in this press release
generally can be identified by the use of forward-looking words
such as "may", "will", "expect", "intend", "estimate",
"anticipate", "believe", "plan", "would", "should", "could",
"trend", "predict", "likely", "potential" or "continue" or the
negative thereof and similar variations.
This information is based upon certain material factors or
assumptions that were applied in drawing a conclusion or making a
projection as reflected in the forward-looking information. By its
nature, this information is subject to inherent risks and
uncertainties that may be general or specific. A variety of
material factors, many of which are beyond EFH's control, affect
the operations, performance and results of its business and could
cause actual results to differ materially from the expectations
expressed in any of this forward-looking information.
Related Links
https://efh.ca/
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE EFH Holdings Inc.
