Chesswood Group announced that it has entered into an agreement with a syndicate of underwriters led by RBC Capital Markets and including BMO Capital Markets, National Bank Financial, TD Securities, Cormark Securities, Canaccord Genuity and Laurentian Bank Securities pursuant to which Chesswood will issue, on an underwritten basis, subject to regulatory approval, subscription receipts of $28 million.

Chesswood also announced it intends to proceed with a concurrent non-brokered $6.0 million private placement to certain directors, officers and other insiders.

The company said the net proceeds from the offerings will be used to fund part of the purchase price for Chesswood’s previously announced acquisition of Blue Chip Leasing and EcoHome Financial. Closing of the offerings is expected to occur on or about March 12, 2015. Closing of the acquisition is to occur as soon as practicable thereafter, but in any event by April 3, 2015. The closing of each offering is conditional on the concurrent closing of the other Offering.

Previously on monitordaily: Chesswood Group Acquires Blue Chip Leasing