Mount Logan Capital Inc. Completes Final Tranche of Private Placement

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES

All figures in Canadian dollars unless otherwise noted.

TORONTO, Nov. 25, 2020 (GLOBE NEWSWIRE) -- Mount Logan Capital Inc. (NEO: MLC) (“Mount Logan” or the “Company”) is pleased to announce that it has completed the second and final tranche of its previously announced best efforts private placement (the “Private Placement”) and issued an additional 250,182 common shares of the Company (the “Shares”) at a purchase price of $2.75 per Share for additional gross proceeds of $688,000.

In total, the Company issued 6,358,381 Shares pursuant to the Private Placement for gross proceeds of $17,485,548. The Private Placement was conducted through a syndicate of agents led by Canaccord Genuity Corp. and including ATB Capital Markets Inc. and Stifel GMP.

The Company used a portion of the net proceeds of the Private Placement to fund the Company’s obligations under a transaction completed on October 30, 2020 whereby the Company will receive the net economic benefits derived under an advisory agreement (the “CIF Advisory Agreement”) entered into between Sierra Crest Investment Management LLC (“SCIM”) and Resource Credit Income Fund (“CIF”) pursuant to which SCIM became the investment adviser to CIF. The net proceeds of the Private Placement will also be used by Mount Logan to continue to invest in public and private debt securities in the North American market in furtherance of its business objective as an alternative asset management company and for general corporate and working capital purposes.

Insiders of the Company subscribed for approximately $1,072,024 worth of Shares in the Private Placement. This participation by insiders constitute “related party transactions” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Shareholders in Special Transactions of which the Company has relied on applicable exemptions from the formal valuation and minority approval requirements.

The Shares issued pursuant to the Private Placement are subject to a hold period of four months from the closing date of the applicable tranche of the Private Placement.

About Mount Logan Capital Inc.

Mount Logan Capital Inc. is an alternative asset management company that is focused on public and private debt securities in the North American market. The Company seeks to source and actively manage loans and other debt-like securities with credit-oriented characteristics. The Company actively sources, evaluates, underwrites, monitors and primarily invests in loans, debt securities, and other credit-oriented instruments that present attractive risk-adjusted returns and present low risk of principal impairment through the credit cycle.