(May 10 – 16:55 ET) – IPC Financial Network Inc. is nearing completion of its arm’s length purchase of the assets of Sutherland Financial Services and its related companies a Richmond Hill, Ontario based mutual fund dealer, securities dealer and life insurance agency.
The aggregate consideration for the purchase of Sutherland Companies has been amended. It is anticipated to consist of 789,610 convertible preferred shares, Series 9 in the capital of IPC at a deemed price of $3.30 per share and the payment of $800,000 cash.
The parties to this transaction have agreedthat the securities to be issued will be subject to a voluntary escrow arrangement with the securities to be released as to 1/3 on each of the first, second and third anniversaries of the closing of the acquisition.
-IE Staff