(August 4 – 9:30 ET) – University Avenue Financial Corp. has raised some money through a non-brokered private placement of common shares.

The offering is expected to raise up to $504,000. Each common share is priced at 42¢ and a maximum of 1.2 million new shares will be issued. The transaction is subject to regulatory approval.

Proceeds from the deal will be used for “general working capital
purposes and a reserve for strategic acquisitions,” the company said.

In June, the CDNX-listed fund manager announced a deal to merge its fund operations with Montreal’s @rgentum Management & Research Corp. Under the deal, @rgentum will continue operations in Montreal as an associate of University Avenue, but the two companies said they will realize substantial cost savings.

@rgentum shareholders are to receive 1.4 million common shares in University Avenue at 37¢ a share, giving them a 15.9% stake.
-IE Staff