TORONTO--(BUSINESS WIRE)--Difference Capital Inc (“Difference”) has entered into a strategic relationship with Dundee Corporation (“Dundee”) as a 50/50 funding partner in TriNorth Capital Inc. (“TriNorth”), once the previously announced transaction with TriNorth is closed.
“I am pleased to have Ned Goodman and Dundee as my capital funding partner and advisor in my new venture focused on creating shareholder value. Our first project will be in the technology sector,” said Michael Wekerle.
Ned Goodman said: “I have known and worked with Mike Wekerle for over 25 years and we at Dundee are pleased and excited to support Difference in building a best-in-class funding investment platform.”
On April 5, a binding letter of intent was announced between Difference and TriNorth. Following completion of the transaction, subject to regulatory and shareholder approval, Difference et al will acquire a 49.9% stake in TriNorth for approximately $4.52 million and is committed to assist TriNorth to raise at least $20 million in additional financing as a starting capital base.
TriNorth will change its name to “Difference Capital Funding Inc.” and Difference intends for the company to become an important funder of projects that require merchant banking expertise.
About Difference Capital Inc
Difference is a Toronto-based financial services firm founded by Michael Wekerle, Paul Sparkes and Henry Kneis and specializing in alternative investments. Difference’s interests include hedge funds, merchant banking, private equity and U.S. real estate.
About Dundee Corporation
Dundee is a publicly traded Canadian asset management company. Dundee’s asset management activities are focused in the areas of Dundee’s core competencies and include real estate and infrastructure as well as energy, resources and agriculture.