Smaller steady businesses that have generated profits
consistently and that want to raise money to grow or to research
and develop new products and processes have every reason to believe
that there are investors out there ready, willing and able to back
This will be good news to owners and organizations that need
funding to move forward but have gone about as far as they can go
with their own assets, retained earnings, bank lines and support of
friends and family.
The key, according Jay Vieira, a new corporate finance and
securities law partner at Blaney McMurtry, is a company’s
history of, and prospects for, continuing cash flow and
profitability and the resulting capacity to pay reasonable,
reliable returns to debt holders and shareholders.
“In this market,” with its persistently low interest
rates, “people are more interested in a regular income
stream...dividends. People want a security blanket” that
generates, safely, something more than the one or two per cent
returned by government bonds.
Securing financial support from a wide range of individuals,
partnerships and institutions, does not, by definition, mean
“going public” in the classical sense, with all of the
attendant costs and effort related to the creation and distribution
There is a number of prospectus-exempt ways under provincial law
to raise money by issuing bonds, stocks, warrants and other
securities. “Most money these days is being raised by (such)
private placement,” Mr. Vieira observes.
This work is done on behalf of businesses searching for new
capital by a variety of professionals, including lawyers and
Mr. Vieira, who joined Blaneys this past summer to help the firm
provide greater support to its business law clients and to grow its
corporate finance and securities law business, has broad
experience in both representing directly companies looking for new
capital and advising investment bankers who are contemplating
He has acted for domestic and international corporations and
investment dealers in a broad range of transactions, including
public offerings, private placements and acquisitions.
Some of his clients include international miners and companies
in the medical devices, telecommunications, media and renewable
He also advises public issuers on general corporate and
securities law matters, including stock exchange listings on the
TSX, TSX Venture Exchange and CSE; continuous disclosure
obligations and other regulatory compliance issues.
He is experienced in preparing prospectuses, conducting and
coordinating due diligence, preparing proxy material in all aspects
of securities law (including shareholder meeting materials, private
placements and capital pool companies).
Born in the Azores and raised in Hamilton from the age of four,
Mr. Vieira’s Portuguese is strong enough to work with
unilingual Portuguese-speaking clients.
A graduate of the University of Windsor law school and a member
of the TSX Local Advisory Council for Ontario, Mr. Vieira says he
was drawn to corporate finance and securities work because
“it involves (all parties) working toward a common
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