Northern Financial Corp. announced Monday that it has completed its acquisition of IPO Capital Corp.

Northern said that it has acquired approximately 84% of the issued common shares of 1279514 Ontario Inc., which wholly owns IPO Capital. Northern has extended its offer to acquire the balance of the issued shares of IPO parent until April 10.

IPO Capital is a brokerage firm with offices in Toronto and Vancouver. The firm has approximately 28 employees, including 17 investment advisers. It also has approximately $1.5-million in cash, net of liabilities.

Northern said intends to integrate the brokerage business of IPO Capital with Northern Securities Inc., the wholly owned subsidiary of Northern. Upon such integration, Northern Securities will have a total of approximately 190 employees.

Northern also announced that it has completed a financing for $1.3 million. The financing consists of a private placement with arm’s-length investors of $650,000 in units consisting of common shares and one-year half warrants and $650,000 in debentures with warrants. The proceeds will be used to finance acquisitions, to provide capital for Northern Securities and for working capital purposes.