Kingsway Financial Services Inc. has announced the closing of a $15.7 million private placement, issuing 1,336,264 shares of its common stock at a price of $11.75 per share. The funds raised from this non-brokered PIPE transaction will support the company's growth strategy, increasing their target for acquisitions from 2-3 to 3-5 per year through the Kingsway Search Xcelerator. The transaction involved a limited number of long-term institutional investors, and Cadwalader, Wickersham & Taft LLP served as legal counsel. Kingsway plans to register the resale of the shares with the SEC at a future date.
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