CALGARY, Alberta, Feb. 20, 2020 (GLOBE NEWSWIRE) — Founders Advantage Capital Corp. (TSX-V: FCF) (“FAC” or the “Corporation”) is pleased to announce that Gary Mauris and Chris Kayat (collectively, the “DLC Principals”) have entered into agreements to acquire an additional 5,305,529 class “A” common shares of the Corporation (the “Purchased Shares”).  The DLC Principals agreed to acquire the Purchased Shares from Harrington Global Opportunities Fund Limited (“Harrington”) in a private transaction for aggregate gross proceeds of approximately $9.29 million or $1.75 per share.  Upon completion of the transaction, the DLC principals will own or control an aggregate of 12,672,931 class “A” common shares of the Corporation (being 33.2% of the Corporation’s issued and outstanding shares).  The transaction is expected to close February 24, 2020.
The DLC Principals founded Dominion Lending Centres Inc. (“DLC”) and continue to own a 40% equity interest in DLC in partnership with the Corporation.  The DLC Principals are also directors and executive officers of DLC and directors of the Corporation.James Bell, President and Chief Executive Officer of the Corporation commented: “We are thrilled to have Gary and Chris increasing their ownership interest in the Corporation.  Gary and Chris have been exceptional business partners to FAC since 2016 and having them increase their share ownership speaks volumes as to their confidence in DLC, Club16 and Impact.”Gary Mauris commented: “Chris and I have worked tirelessly to build the DLC Group of Companies into Canada’s largest mortgage originator and we wanted to send a clear message that we’re not done building the DLC Group of Companies and that we’re committed to FAC, DLC and our fantastic owners and agents for the long-term.”About Founders Advantage Capital Corp.
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