Mira II Acquisition amalgamates with Element Financial a US$175.14 million private placement

On December 15, 2011, Mira II Acquisition Corp. (Mira II) and Element Financial Corporation (Element) completed their previously announced amalgamation which resulted in the reverse take-over of Mira II and the completion of Mira II’s Qualifying Transaction. In connection with the Qualifying Transaction, Element completed a $175.14 million private placement of subscription receipts. In connection with the completion of the Qualifying Transaction, the common shares of the amalgamated corporation were listed on the Toronto Stock Exchange on December 16, 2011 under the symbol "EFN". Mira II was advised in this transaction by a team from Fasken Martineau that included, among others, Rubin Rapuch, Tracy Hooey, Francesco Tallarico and Will Shaw (securities and M&A).