VANCOUVER, British Columbia, Dec. 17, 2024 (GLOBE NEWSWIRE) -- Dominion Lending Centres Inc. (TSX: DLCG) ("DLCG" or the "Corporation") is pleased to announce it has completed the acquisition (the "Acquisition") of all of the issued and outstanding non-voting Series 1 Class B preferred shares of the Corporation (the "Series 1 Preferred Shares") from one or more companies controlled by Gary Mauris, one or more companies controlled by Chris Kayat, and from certain other holders of Series 1 Preferred Shares in exchange for, in aggregate, 30,500,000 Class A common shares ("Common Shares") (having a market price of $122,000,000 based on a 20-day volume weighted average trading price of $4.00 per Common Share at the time of announcement of the Acquisition) and a cash payment of $15,000,000 (representing approximately $1.78 per Series 1 Preferred Share), pursuant to a purchase agreement dated October 2, 2024. Prior to the Acquisition, various of the shareholders and the Corporation undertook certain preliminary steps, including that the Corporation added to the stated capital account of the Corporation maintained in respect of the Series 1 Preferred Shares an aggregate amount of $15,000,000, without any payment being made. Upon completion of the Acquisition, the Corporation filed an amendment to the Corporation's articles of amalgamation to cancel the Class B preferred shares as a class of shares and the Series 1 Preferred Shares as a series of shares in the capital of the Corporation authorized for issuance.