TORONTO, Nov. 17, 2016 /CNW/ - Smoothwater Capital Corporation ( Smoothwater Capital) announced today that it has acquired by way of a private agreement 697,728 common shares of Equity Financial Holdings Inc. ("Equity") (EQI:TSX) at a price of $9.50 per share (the "Private Purchase"). The common shares represent approximately 7.32% of the issued and outstanding common shares of Equity (based upon the 9,543,508 common shares stated to be issued and outstanding as at November 8, 2016 by Equity in its management's discussion and analysis for the quarter ended September 30, 2016 filed on SEDAR on November 8, 2016). Smoothwater made the Private Purchase for investment purposes using the "private agreement exemption" contained in Section 4.2 of National Instrument 62-104 - Takeover Bids and Issuer Bids ("NI 61-104") through the facilities of the Chi-X and Toronto Stock Exchange. After giving effect to the Private Purchase, Smoothwater has ownership and control over 3,299,039 common shares of Equity, representing approximately 34.57% of the outstanding common shares of Equity. Stephen J. Griggs ("Griggs") is the Chief Executive Officer and a director of Smoothwater, and a director and the Chair of the board of directors of Equity, and may be considered to be a "joint actor" with Smoothwater. Mr. Griggs exercises control over and has an ownership interest in Underwood Capital Partners Inc. ("Underwood"). Underwood has ownership and control over 38,137 common shares of Equity representing approximately 0.40% of the issued and outstanding common shares of Equity. Griggs is also the beneficial owner of 3,052 common shares of Equity pursuant to the employee share purchase plan (the "Plan") of Equity, representing approximately 0.03% of the issued and outstanding common shares of Equity. Accordingly, Mr. Griggs exercises control and direction over 41,189 Equity Shares representing approximately 0.43% of the issued and outstanding common shares of Equity. Mr. Griggs also participates in the deferred share unit plan of Equity available to directors in payment of their quarterly directors' fees. Smoothwater and Griggs together beneficially own or exercise control and direction over an aggregate of 3,340,228 common shares of Equity, representing approximately 35.00% of the issued and outstanding common shares of Equity.