Mississauga, Ont.-based EGI Financial Holdings Inc. announced on Friday that it has successfully completed its previously announced rights offering.

Under the rights offering, the non-standard automobile insurer raised gross proceeds of about $20.9 million through the issue of more than 1.9 million common shares at a price of $10.75 a share.

After giving effect to the rights offering, EGI Financial has an aggregate of about 11.7 million common shares outstanding. The firm intends to use the proceeds for general corporate purposes, which may include the financing of internal organic growth and paying, in whole or in part, for acquisitions.