Propel Announces Closing of Over-Allotment Option in Connection With Its Initial Public Offering

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

TORONTO, Oct. 26, 2021 /CNW/ - Propel Holdings Inc. ("Propel" or the "Company") (TSX: PRL) announced today that, further to its recently completed initial public offering (the "Offering") of common shares of the Company ("Common Shares", and each a "Common Share"), the over-allotment option granted by the Company to the Underwriters (as defined below) to purchase an additional 937,500 Common Shares from the Company at a price of C$9.75 per Common Share (the "Over-Allotment Option") was exercised in full. The Company received aggregate gross proceeds of C$9,140,625 in connection with the Over-Allotment Option, which closed today. As a result of the exercise of the Over-Allotment Option in full, the aggregate gross proceeds from the Offering will total C$70,078,125.

The Common Shares are listed and have been trading on the Toronto Stock Exchange ("TSX") since October 20, 2021 under the symbol "PRL".

The Offering was made through a syndicate of underwriters led by Canaccord Genuity and Scotiabank, as joint bookrunners, and Raymond James, TD Securities, INFOR Financial, Roth Canada and Stifel Nicolaus Canada (collectively, the "Underwriters").

The Offering was completed pursuant to the Company's final prospectus dated October 13, 2021 (the "Prospectus") and filed with the securities regulators in each of the provinces and territories of Canada. A copy of the Prospectus 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. 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. 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.

SOURCE Propel Holdings Inc.

Please contact: Sarika Ahluwalia, Vice President, Compliance & Chief Compliance Officer, [phone], [email protected]