Saxon Financial Inc. has filed a final prospectus with provincial regulatory authorities for and initial public offering of common shares. The IPO price is $ 16.50 per share, and the offering size is $108,007,136.

Saxon says the offering includes a total of 6,545,887 common shares, by way of a secondary offering of 6,242,857 common shares and a treasury offering of 303,030 common shares.

The net proceeds from the treasury offering will be approximately $4,699,995 and will be used to facilitate the growth of the company’s business and for general corporate purposes.

The common shares of Saxon Financial have been conditionally approved for listing on the Toronto Stock Exchange under the symbol SFI.

Closing of the IPO is scheduled for July 7, 2005 .

The shares will be sold by a syndicate of underwriters led by BMO Nesbitt Burns. The underwriters have been granted an over-allotment option exercisable for a 30-day period following the closing to purchase from Saxon Financial Inc. up to an additional 654,589 common shares at the offering price.

Saxon Financial Inc. is an investment management firm. Its operating subsidiaries are: Saxon Funds Management Ltd.; Howson Tattersall Investment Counsel Ltd.; and, Howson Tattersall Private Asset Management Inc.