The Toronto Stock Exchange reports that Propel Holdings Inc. will list 4,186,000 subscription receipts at 5:01 p.m. on Oct. 2, 2024, for trading at the open on Oct. 3, 2024. According to the TSX, the listing will cover subscription receipts to be issued to the public at $27.50 per subscription receipt, pursuant to the terms of the prospectus supplement dated Sept. 30, 2024, to the company's short form base shelf prospectus dated May 10, 2024.

The TSX reports that the company expects to close the offering before the open on Oct. 3, 2024. The transfer agent and registrar is TSX Trust Company at its principal office in Toronto, and the designated market-maker is TD Securities Inc. The subscription receipts will trade under the symbol PRL.R, in Canadian dollars and with Cusip No. 74349D 11 4.

According to the TSX, each subscription receipt entitles the holder to receive, automatically, upon the closing of the acquisition by the company of Stagemount Ltd., without any further action on the part of the holder thereof and without payment of any additional consideration one common share of the company and the dividend equivalent payment (described below).

If: (i) the notices to be provided to the subscription receipt agent and the co-lead underwriters, on behalf of the underwriters, by the company certifying that the escrow release conditions have been satisfied and that the closing of the acquisition has occurred are not delivered to the subscription receipt agent and the co-lead underwriters, on behalf of the underwriters, on or prior to 5 p.m. Toronto time on March 26, 2025; (ii) the company delivers to the co-lead underwriters, on behalf of the underwriters, and the subscription receipt agent a notice, that it does not intend to proceed with the acquisition; or (iii) the share purchase agreement is terminated in accordance with its terms, the subscription receipt agent will pay to each holder of subscription receipts, commencing on the third business day following the termination date: (i) an amount equal to the aggregate issue price of such holder's subscription receipts; plus (ii) such holder's pro rata share of the earned interest, less any applicable withholding taxes.

If the escrow release conditions are satisfied prior to the termination date, holders of subscription receipts will be entitled to receive, if applicable, an amount per subscription receipt equal to the total amount per share of cash dividends declared by the company for which record dates have occurred during the period from the closing of the offering to the date immediately preceding the date upon which the shares are issued or deemed to be issued to the holders of the subscription receipts, less any applicable withholding tax. No dividend equivalent payment will be made to holders of subscription receipts if a termination event occurs.

According to the TSX, the subscription receipts will be listed and posted for trading until the earlier of the completion of the acquisition or a termination event. The TSX will issue a further bulletin to confirm either the completion of the acquisition and/or the delisting of the subscription receipts.