HALIFAX, NS, April 12, 2021 /CNW/ – ViveRE Communities Inc. (TSXV: VCOM) (“ViveRE” or the “Company”) announced today that it is undertaking a non-brokered private placement of common shares of the Company (the “Shares”) in the minimum amount of $2,500,000 and up to $5,000,000 (the “Offering”).
The Offering shall consist of a minimum of 12,500,000 Shares and a maximum of 25,000,000 Shares at a price of $0.20 per Common Share.
The net proceeds from the Offering will be used to fund targeted acquisitions of premium multi-unit properties and for general corporate purposes.
The Offering is subject to the approval of the TSX Venture Exchange and is expected to close on or about April 30, 2021.
Canaccord Genuity, Cormark Securities Inc., Desjardins Capital Markets and Echelon Wealth Partners Inc. are acting as financial advisors to the Company and may receive a finder’s fee in respect of certain orders. This compensation will be comprised of a 6.0% cash fee of the proceeds from subscribers introduced by finders.
ViveRE continues to execute its plan to acquire recently built or refurbished, highly leased multi-residential properties in bedroom communities across Canada. The Company aims to satisfy the needs of the newly emerging 55+ resident. The demographic that has changed the world is now changing the way residential rental apartments cater to their requirements. Their desire for community, along with service, quality and convenience has led to the emergence of the 55+ active living segment. “Apartments” are the next home, after years of owning they look forward to the carefree lifestyle provided through renting in a community of their peers. ViveRE intends to consolidate this emerging market niche. The company currently owns 533 units in New Brunswick and Ontario. ViveRE has developed a robust pipeline of qualified properties for potential acquisition. By screening properties identified to match the criteria set out by the company (proximity to healthcare, amenities, services and recreation), management has identified a significant pipeline of potential acquisitions for consideration by the Company’s Board of Directors.
On behalf of the Board of Directors of ViveRE Communities Inc.
Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
This news release contains forward-looking statements relating to the future operations of ViveRE and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the future plans and objectives of ViveRE Communities Inc, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from ViveRE Communities Inc.’s expectations include other risks detailed from time to time in the filings made by ViveRE Communities Inc. with securities regulators.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of ViveRE Communities Inc. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and ViveRE Communities Inc. will only update or revise publicly the included forward-looking statements as expressly required by Canadian securities law.
SOURCE ViveRE Communities Inc.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/April2021/12/c6564.html