EFH Holdings Inc. announces upsize of non-brokered private placement

TORONTO, March 29, 2021 /CNW/ - EFH Holdings Inc. (the "Company" or "EFH") (TSXV: EFH) is pleased to announce that, due to over subscription, it has increased its previously announced non-brokered private placement (the "Private Placement") to $3,884,552, consisting of  2,735,600 common shares of the Company ("Shares") at a price of $1.42 per Share. The closing of the Private Placement is expected to occur on or about April 1st, 2021.

As previously stated in the press release dated March 11, 2021, the proceeds of the Private Placement will be used exclusively to finance the acquisition of the remaining 25% ownership of The Insurance Company of Prince Edward Island ("ICPEI") that the Company currently does not own (the "Acquisition"). Furthermore, if the Acquisition is not completed, the proceeds of the Private Placement will be returned to the subscribers.

The Shares issued pursuant to the Private Placement will be subject to a hold period of four (4) months and one day from the date of closing of the Private Placement. In addition, the Private Placement is subject to the approval of the TSX Venture Exchange.

About The Insurance Company of Prince Edward

Founded in 1987, The Insurance Company of Prince Edward Island offers market-leading home, auto and commercial insurance solutions. Its products are sold exclusively through a network of brokers across all three Maritime Provinces and Quebec. ICPEI has established a longstanding record of underwriting profitability, rooted in its disciplined approach to risk selection. On July 1, 2014, EFH acquired 75% ownership of ICPEI.

About EFH Holdings Inc.

Founded in 1998, EFH Holdings Inc. operates in the property and casualty insurance industry in Canada, providing personal and commercial lines insurance exclusively through the broker channel. The Company distributes insurance products through The Insurance Company of Prince Edward Island. It trades on the TSX Venture Exchange under the symbol EFH.

Forward-looking Information

This news release contains forward-looking information based on current expectations. This information includes, but is not limited to, statements about the targets, ongoing objectives, strategies, timelines for completing the Acquisition and the Private Placement, amounts to be raised pursuant to the Private Placement and outlook of EFH. These statements, which appear in this press release generally can be identified by the use of forward-looking words such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "plan", "would", "should", "could", "trend", "predict", "likely", "potential" or "continue" or the negative thereof and similar variations.

This information is based upon certain material factors or assumptions that were applied in drawing a conclusion or making a projection as reflected in the forward-looking information. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific. A variety of material factors, many of which are beyond EFH's control, affect the operations, performance and results of its business and could cause actual results to differ materially from the expectations expressed in any of this forward-looking information.

Related Links

https://efh.ca/

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE EFH Holdings Inc.