December 23, 2016 / 9:33 PM / 8 months ago

BRIEF-Dealnet executes agreement to acquire $29 mln finance receivable portfolio

Dec 23 (Reuters) - Dealnet Capital Corp

* Total consideration for portfolio to consist of cash payment on closing of $22.5 million, issuance of 12.5 million shares valued at $6.7 million

* Dealnet capital corp says total consideration for portfolio will also consist of issuance of 12.5 million common shares valued at $6.7 million

* On closing of deal, will simultaneously securitize certain contracts from portfolio to fund cash portion of transaction

* Dealnet capital corp says total consideration for portfolio will consist of a cash payment on closing of $22.5 million less certain adjustments

* Dealnet also expects to execute a separate funding agreement for ongoing new originations with partner

* Dealnet executes agreement to acquire $29 million finance receivable portfolio Source text for Eikon: Further company coverage:

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