BOSTON, MA, Sept. 8, 2015 /CNW/ – Plymouth Realty Capital Corp. (“Plymouth“) (TSXV: PH.P) today announced that it has completed the previously announced non-brokered private placement of 1,000,000 common shares of Plymouth at $0.05 per share for aggregate subscription proceeds of $50,000 to Philip Langridge and Brad Wise, the Chairman & CEO and the President of Churchill International Property Corporation (“Churchill“), respectively. Such common shares are subject to a four month hold period expiring on January 5, 2016.
Plymouth intends to leverage off the expertise, experience and network of contacts of Messrs. Langridge and Wise, as it now intends to pursue and evaluate Canadian real estate assets (which may involve assets owned or controlled by Churchill or its investment vehicles) with a view to completing a qualifying transaction and will make further announcements with respect to these efforts as soon as practically possible. Plymouth cannot offer any assurances that a qualifying transaction will be completed.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Plymouth is a capital pool company listed on the TSXV. Plymouth was established pursuant to the CPC Policy which permits an initial public offering and a TSXV listing by a newly created company that has no assets, other than cash, and has not commenced commercial operations. The principal business of Plymouth has been the identification and evaluation of assets with a view to completing a qualifying transaction.
SOURCE Plymouth Realty Capital Corp.