/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES/
WINNIPEG, MB, Sept. 22, 2020 /CNW/ – Marwest Apartment Real Estate Investment Trust (“Marwest Apartment REIT” or the “REIT”) (TSXV: MAR.P) is pleased to announce today that it completed its initial public offering (the “IPO“) of 1,000,000 Class A trust units (“Units“) issued at a price of $0.50 per Unit pursuant its final prospectus dated September 4, 2020, resulting in aggregate gross proceeds to the REIT $500,000.
A cash commission of 10% of the gross proceeds of the IPO was paid to Canaccord Genuity Corp., which acted as the REIT’s agent for the IPO.
The REIT will use the net proceeds from the IPO, together with the net proceeds from prior sales of Units, for the purposes permitted under the capital pool company program of the TSX Venture Exchange (the “TSXV“), including the identifying, evaluating and acquisition multi-family rental apartment properties or entities with a view to completing a “qualifying transaction” under the TSXV capital pool company program.
Following the IPO, Marwest Apartment REIT has 1,800,000 Units issued and outstanding, of which 800,000 have been placed in escrow. The Units have been listed for trading on the TSXV under the trading symbol “MAR.P” and are expected to commence trading at market open on September 23, 2020.
The information in this news release includes certain information and statements about future events, expectations, plans and prospects that constitute forward-looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties, and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Forward-looking statements in this news release include, but are not limited to, the potential completion of a qualifying transaction. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although management of the REIT believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, the REIT disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
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 news release).
SOURCE Marwest Apartment Real Estate Investment Trust
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