WESTPORT, CT--(Marketwired - Aug 2, 2016) - Source Capital Group announced the pricing and record date for its proposed rights offering with IEG Holdings Corp. (the "Company"). The Company plans to use the proceeds from this offering to fund new loan originations and for general corporate purposes. The exercise price of the rights will be $1.00 per share.
Shareholders must own IEG Holdings common stock as of 4:00 PM ET on Wednesday, August 10, 2016 to be considered a shareholder of record. The rights offering will be made through a dividend in the form of non-transferable subscription rights to purchase one share of common stock per each share of common stock owned on the record date of August 15, 2016 at an exercise price of $1.00. Holders who fully exercise their subscription rights will be entitled to subscribe for additional shares of common stock to the extent that any subscription rights remain unsubscribed. The non-transferable subscription rights may not be sold. The subscription rights may only be exercised during the subscription period of Tuesday, August 16, 2016 through 5:00 PM ET on Monday, August 29, 2016. Below is the anticipated rights offering calendar:
Wednesday, August 10, 2016 -- Ownership Day, must own IEG Holdings common stock by 4:00 PM ET to be considered a shareholder of record
Thursday, August 11, 2016 -- Shares trade Ex-Right
Monday, August 15, 2016 -- Record Date
Tuesday August 16, 2016 -- Subscription Period Begins
Monday August 29, 2016 -- Subscription Period Ends 5:00 PM ET
IEG Holdings has entered into a dealer manager agreement with Source Capital Group, Inc. to act as dealer manager for the rights offering.
The rights offering will be made only by means of a prospectus. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state.
Requests for copies of the prospectus or questions from shareholders relating to the rights offering may be directed to the information agent for the rights offering, as follows:
Information Agent:
Georgeson LLC
1290 Avenue of the Americas
9th Floor
New York, NY 10104
(888) 680-1528 (toll free)
IEGH@Georgeson.com
Source Capital Group invites any interested broker dealers in participating in the rights offering to contact Source's syndicate department at IEGH@sourcegrp.com.
About Source Capital Group, Inc. The Investment Banking Group at Source Capital offers a wealth of Wall Street experience to the underserved small cap company sector through its seasoned professionals. They have successfully funded both public and private companies with an emphasis on Structured Credit and unique equity capital markets transactions, creating tailor-made solutions to enhance their clients' balance sheets. Source Capital Group began as an independent firm specializing in small to medium-sized investment banking transactions. Since 1992, it has grown into a full-service financial institution, while adhering to the highest standards of quality and integrity.
Contact Information:
Contact:
Cody Newton
(203) 682-0740
CNewton@sourcegrp.com