Cora Capital has closed a C$3.5 million non-brokered financing tied to its merger with Tiger Financial. The upsized financing was completed as the companies work toward a public listing on the Canadian Securities Exchange.
Cora issued 7 million special warrants at C$0.50 each, raising gross proceeds of C$3.5 million. The placement forms part of the proposed merger with Tiger, after which the combined business is expected to seek a stock market listing in Canada.
Each special warrant will automatically convert into one unit on the earlier of three business days after receipt of a prospectus or four months and one day after issuance. Each unit will consist of one Cora common share and half of one warrant. Each whole warrant will be exercisable for one share in the resulting issuer at C$1.25 for 24 months after closing.
The securities issued in the financing are expected to be freely tradable once the resulting issuer is listed on the Canadian Securities Exchange. Cora also paid C$106,750 in finders' fees and issued 321,230 finders' warrants, each exercisable for one resulting issuer share at C$0.50 for a period of 24 months.
Merger process
The financing comes as Cora and Tiger advance a merger that would bring Tiger's business to the public market through Cora. The transaction remains subject to regulatory and exchange approvals, including acceptance by the Canadian Securities Exchange and qualification of a non-offering prospectus by the BC Securities Commission.
Cora plans to file a preliminary prospectus with the BC Securities Commission to support the distribution of securities linked to the transaction.
Chief Executive Officer Robert Kiesman said the fundraising closed quickly after the companies signed their definitive agreement in late March.
"Our team is so pleased to have closed our upsized financing so quickly after signing our definitive agreement with Tiger Financial in late March. With funding secured, we are confident that our partnership with Ben Aissa and his team in Southeast Asia will create value for our supportive investors," said Kiesman.
Tiger's business
Tiger Financial is a Puerto Rico-based fintech group focused on small businesses in Southeast Asia. It is building banking and payments infrastructure for underserved firms in the region, with operations already established in Vietnam through its subsidiary Vietpay Technology Company Corporation.
The business is led by Ben Aissa, a fintech entrepreneur with more than 20 years of experience in payments and banking ventures. Tiger says its target market includes more than 60 million small businesses across Vietnam, Thailand, Indonesia, Malaysia, the Philippines, Cambodia and Myanmar.
In comments released alongside the financing, Aissa linked the proposed listing to Tiger's expansion plans and said access to public markets would support the group's regional growth.
"Listing on the Canadian Securities Exchange gives Tiger Financial the capital base, public market discipline, and currency we need to execute at the speed this opportunity demands. Southeast Asia has more than 62 million small businesses, most of them under-banked, and we are building the AI-powered banking infrastructure to serve them. Our Vietnam platform is operational, our regional expansion is underway, and we intend to use this listing to accelerate both. We are running this company to deliver durable, long-term shareholder value, and going public sharpens that mandate," said Aissa.
Market route
The transaction gives Tiger a route to public markets through a merger rather than a standalone initial public offering. For Cora, the financing provides fresh funds as it works through the regulatory process needed to complete the combination and list the resulting issuer.
The structure gives investors common shares and warrant exposure if the transaction proceeds, while delaying conversion of the special warrants until the prospectus condition is met or the time limit expires.
The proposed listing still depends on approvals that have not yet been secured. Completion of the transaction is conditional on the necessary regulatory, stock exchange and governmental consents, including approval from the Canadian Securities Exchange and a prospectus receipt from the BC Securities Commission.
Tiger's existing presence in Vietnam is central to the deal's rationale as it seeks to expand further across Southeast Asia, where many small businesses still have limited access to banking products. The completed financing gives the merger partners a funded step forward as they work to turn that plan into a listed company.