Element Financial announced that it has increased the size of its previously announced “bought deal” offering of $1,550 million of subscription receipts to $1,850 million of Subscription Receipts.

The size and terms of the offerings of $500 million aggregate principal amount of extendible convertible unsecured subordinated debentures and $150 million cumulative 5-year rate reset preferred shares, Series G of Element will remain unchanged. The company intends to use the net proceeds from the Offerings (as defined below) to fund future acquisitions.

While the company is regularly engaged in discussions regarding possible acquisition opportunities, the Company has not entered into any definitive agreement for an acquisition requiring the use of the net proceeds of the Offerings.

The company expects to continue to pursue discussions regarding possible acquisitions and to enter into negotiations with respect to such potential acquisitions and to actively pursue other acquisition opportunities that present themselves or become available. However, there can be no assurance that any of these discussions or negotiations will result in a definitive agreement and, if they do, what the terms or timing of any such acquisitions would be or that such acquisitions will be completed by the company.