Canadian Offerings

InPlay Oil Corp. – Dual Listing and Bond Issuance, February 2026

In February 2026, VCG successfully completed a landmark transaction: the dual listing of InPlay Oil Corp., a Canadian public oil and gas company (traded on TSX, ticker: IPO, producing 19,000 BOE/day), on the Tel Aviv Stock Exchange (TASE), alongside the issuance of Series A bonds (rated BBB+) in an aggregate principal amount of NIS 550 million. The bonds carry a duration of 4.0 years, bear an interest rate of 6.23%, and mature in December 2030. The total potential raise limit of this series is set at NIS 800 million, providing significant room for expansion.

This transaction represents a meaningful milestone for the Israeli capital market as one of the first North American companies to leverage the dual listing agreement between TASE and six other global exchanges. This agreement dramatically shortens the timeline of such processes to only 45-90 days and materially reduces entrance fees and additional costs compared to a regular deal that can take 120-180 days.

The completion of this deal materially enhances InPlay’s financial flexibility and supports its long-term growth strategy. It also reflects the expertise and sophistication of Israeli investors, enabled by the knowledge and marketing capabilities of Victory Consulting Group and Orion Underwriting.

This success story highlights the opportunity available to Canadian and U.S. public companies across energy, real estate, financial services, and other sectors to diversify their funding sources and broaden their investor base through dua

l listing and public bond issuance on the Tel Aviv Stock Exchange.

Lanterra Canada Enterprises Limited Partnership –  Bond Issuance, August 2025

Lanterra Canada Enterprises LP is a Canadian real estate investment and development entity affiliated with the Lanterra group, focused on the acquisition, financing, and development of large-scale residential and mixed-use real estate projects primarily in major Canadian urban markets, with a strong concentration in Toronto. The partnership typically operates as the ownership and investment vehicle through which capital is deployed into development projects, coordinating land acquisition, project financing, construction, and eventual sale of residential units or stabilization of income-producing assets. Through its association with the broader Lanterra platform, the partnership benefits from extensive development expertise, established relationships with leading architects, contractors, and financial institutions, and a track record of delivering high-profile condominium and urban redevelopment projects in prime locations.

Lanterra issued a NIS 260 million secured bond series in 2025, with a 6.4% coupon and final maturity in Dec 2028.

Almadev Inc. – Engaged in the development and construction of residential projects in Canada and investment real estate across North America.

In 2024-25 Almadev issued and expanded with strong collaboration with Orion Underwriting a NIS 250 million bond with surplus pledge on future condos cash flows, maturing 2029.