Founders Advantage completes landmark acquisition of DLC

Founders Advantage completes landmark acquisition of DLC

Founders Advantage completes landmark acquisition of DLC

At the end of 2020, Founders Advantage Capital Corporation announced that it had completed its acquisition of Canadian mortgage giant Dominion Lending Centres.

“Effective December 31, 2020, the corporation acquired full ownership of DLC LP in exchange for 26,774,054 preferred shares,” Founders Advantage said.

Along with this, Founders Advantage completed a private placement of more than 4.28 million common shares, with gross proceeds of around $7.5 million.

The transaction also saw the corporation’s name change to Dominion Lending Centres Inc., which will be trading at the TSX Venture Exchange under the symbol “DLCG” starting January 8.

Gary Mauris became the CEO and executive chairman, while retaining his membership in the corporation’s board of directors. Fellow board member Chris Kayat is the new executive vice-chairman, while James Bell (current president of Founders Advantage) and Eddy Cocciollo (current president of Dominion Lending Centres Inc.) were both appointed as co-presidents.

Robin Burpee (current CFO of Founders Advantage) and Geoff Hague (current CFO of Dominion Lending Centres Inc.) were both appointed as co-CFOs. Burpee will be handling the public company and non-core asset financial management, while Hague will be responsible for financial management of the joint entity’s mortgage origination business.