TSXgroup

December 14, 2011

Element Financial Corporation – An application has been granted for the original listing in the Industrial category of 73,619,691 common shares of Element Financial Corporation (the "Company"), of which 66,373,421 common shares are issued and outstanding and 7,246,270 common shares are reserved for issuance.

The common shares of the Company will be listed and posted for trading at the opening on Friday, December 16, 2011.

This action results from the recently effected amalgamation ("Amalgamation") of Mira II Acquisition Corp., ("Mira II"), a Capital Pool Company listed on the TSX Venture Exchange ("TSXVN") (Symbol: MIA.P), and Element Financial Corporation ("Element") a private corporation incorporated under the Business Corporations Act (Ontario), to form the amalgamated corporation, named Element Financial Corporation. Immediately prior to completion of the Amalgamation the common shares of Mira II were consolidated on the basis of one post-consolidation common share for every 32.3077 common shares issued and outstanding immediately before the consolidation (the "Consolidation").

No fractional shares of Mira II were issued pursuant to the Consolidation. Fractional entitlements were rounded up to the nearest whole number if 0.5 or greater and rounded down to the nearest whole number if less than 0.5.

As a result of the Amalgamation, shareholders of Mira II will receive one common share of the Company for each post-consolidation common share of Mira II held. Shareholders of Element will receive one common share of the Company for each common share of Element held.

The Company is subject to the reporting requirements of Section 501 of the TSX Company Manual.

Stock Symbol: "EFN"   CUSIP: 286181 20 1   Trading Currency: CDN

Temporary Market Maker: RBC Capital Markets


Other Markets: The common shares of Mira II have been listed on the TSXVN under the stock symbol "MIA.P" since June 3, 2011. The common shares will be delisted on December 16, 2011 upon commencement of trading on TSX.

Head Office
Address: 41 Lesmill Road
Toronto, Ontario M3B 2T3

Email Address: info@elementfinancial.ca

Website: www.elementfinancial.ca

Head Office
Telephone Number: (416) 386-1067

Fax Number: 1-888-722-8129

Investor Relations: Jim More
Senior Executive Vice President
Tel: (416) 386-1067 Ext. 219
jmore@elementfinancial.ca

and-

Michel Béland
Chief Financial Officer
Tel: (416) 386-1067 Ext. 225
mbeland@elementfinancial.ca

Chief Financial Officer: Michel Béland

Corporate Secretary: Jim More

Incorporation: Element was incorporated under the Business Corporations Act (Ontario) on May 11, 2007.

Fiscal Year End: Dec 31

Nature of Business: The Company is an independent finance company that originates, manages and funds equipment leases. The Company specializes in providing financing in Canada to owner/operators, as well as small and medium business. The Company originates the vast majority of its equipment financings through its employee sales force, who focus on equipment vendors and direct equipment users. The Company distinguishes itself from traditional equipment financing lenders such as banks, trust and finance companies in that it offers equipment-specific financing services, originates primarily through its own vendor and direct relationships, and funds its activities through commitments from institutional investors.

Transfer Agent &
Registrar: Computershare Investor Services Inc. at its principal office in Toronto.

Dividends: The Company does not anticipate paying dividends in the near future.

Recent Financing: On October 28, 2011, Element completed a private placement of 41,700,000 subscription receipts at a price of $4.20 per subscription receipt, for gross proceeds of $175,140,000. Each Element subscription receipt was exchanged for one common share of the Company upon completion of the Amalgamation. The subscription receipts were sold on a private placement basis by a syndicate of agents: GMP Securities L.P., Barclays Capital Canada Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc. and National Bank Financial Inc.