PROPEL HOLDINGS INC. FILES FINAL PROSPECTUS AND ANNOUNCES PRICING OF INITIAL PUBLIC OFFERING

Published on 14 October 2021

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

TORONTO, ON, October 14, 2021 – Propel Holdings Inc. (“Propel” or the “Company”) announced today that it has obtained a receipt for its final prospectus dated October 13, 2021 filed with the securities regulatory authorities in each of the provinces and territories of Canada and has entered into an underwriting agreement in respect of its initial public offering (the “Offering”) of 6,250,000 common shares of the Company (the “Common Shares”) at a price of C$9.75 per Common Share, for gross proceeds of C$60,937,500. The Offering is expected to close on or about October 20, 2021, subject to customary closing conditions.

The Toronto Stock Exchange (the “TSX”) has conditionally approved the listing of the Common Shares subject to fulfilling the customary listing requirements. The Common Shares are expected to begin trading on the TSX on or about October 20, 2021 in Canadian dollars under the symbol “PRL”.

The Offering is being made through a syndicate of underwriters led by Canaccord Genuity and Scotiabank, as co-lead underwriters and joint bookrunners, and Raymond James, TD Securities, INFOR Financial, Roth Canada and Stifel Nicolaus Canada (collectively, the “Underwriters”).

The Company has also granted to the Underwriters an over-allotment option (the “Over-Allotment Option”) to purchase up to an additional 937,500 Common Shares at a price of C$9.75 per Common Share for additional gross proceeds of up to C$9,140,625 (if the Over-Allotment Option is exercised in full). The Over- Allotment Option can be exercised by the Underwriters in whole or in part for a period of 30 days from the closing date of the Offering.

A copy of Propel’s final prospectus relating to the Offering is available on SEDAR at www.sedar.com.

No securities regulatory authority has either approved or disapproved the contents of this press release. The securities under the Offering have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any state of the United States and may not be offered, sold or delivered, directly or indirectly, in the United States, except pursuant to an exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. This news release does not constitute an offer to sell or solicitation of an offer to buy any of these securities in any jurisdiction in which the offering or sale is not permitted.

About Propel

Propel is an innovative, online financial technology (“fintech”) company, committed to credit inclusion by providing fair, fast and transparent access to credit with exceptional service using its proprietary online lending platform. Through its operating brands, MoneyKey and CreditFresh, Propel is focused on providing access to credit to the over 60 million underserved U.S. consumers who struggle to access credit from mainstream credit providers. Propel’s revenue growth and profitability have accelerated significantly over the past two years as Propel has been able to facilitate access to credit for an increasing number of consumers, helping them move forward in their credit journeys.

Forward-Looking Statements

This news release contains “forward-looking information” within the meaning of applicable securities legislation, which reflects the Company’s current expectations regarding future events, including statements with regard to the closing of the Offering and satisfaction of related closing conditions, the ability for the Company to obtain final TSX approval, the potential exercise by the Underwriters of the Over-Allotment Option, and the listing of the Common Shares on the TSX. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company’s control. Such risks and uncertainties include, but are not limited to, failure to complete the Offering and the factors discussed under “Risk Factors” in Propel’s final prospectus dated October 13, 2021 filed on the Company’s SEDAR profile. Actual results could differ materially from those projected herein. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained in this news release is provided as of the date of this news release and Propel does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required under applicable securities laws.

For further information, please contact:

Sarika Ahluwalia
Vice President, Compliance & Chief Compliance Officer
(647) 776-5468
IR@propelholdings.com