CapGain Properties Inc. Announces Closing of Private Placement
03 Dezembro 2013 - 12:09PM
Marketwired
CapGain Properties Inc. Announces Closing of Private Placement
LAKE IN THE HILLS, ILLINOIS--(Marketwired - Dec 3, 2013) -
CapGain Properties Inc. ("CapGain" or "Company") (TSX-VENTURE:CPP)
is pleased to announce that on November 27, 2013, it closed a
portion of its pending private placement (the "Offering").
Pursuant to the Offering, the Company completed the issuance of
181 units (the "Units") at a price of $1,000.00 per Unit for gross
proceeds of $181,000 (the "Initial Closing"). Each Unit consists of
an $800 convertible unsecured debenture ("Debenture"), 2,000
debenture warrants (the "Debenture Warrants") and $200 of common
shares ("Common Shares") and warrants (collectively, the "Equity
Security").
The Debenture has a term of three (3) years and accrues interest
of 10% per annum, payable quarterly in arrears on March 31, June
30, September 30 and December 31 of each year, commencing on
December 31, 2013. The Debenture is convertible, at any time, at
the option of the holder, into Common Shares of the Company at a
price of $0.13 per Common Share. The Company shall be entitled to
redeem the Debenture after 24 months from issuance for the
principal amount and any outstanding interest. The Debenture
Warrants are detachable and will entitle the holder to acquire a
Common Share at a price of $0.15 per share, will expire two (2)
years from issuance, and have an accelerated expiry date provision
based upon the Company's trading price.
The Equity Security is issued at a price of $0.10 for each
Equity Security and consists of one (1) Common Share and one (1)
Common Share purchase warrant (the "Equity Warrant"). The Equity
Warrant will entitle the holder to acquire a Common Share at a
price of $0.20 per share, will expire two (2) years from issuance,
and have an accelerated expiry date provision based upon the
Company's trading price.
CapGain paid a finder's fee to Canaccord Genuity Corp. under the
Initial Closing of a cash commission equal to $16,600 and an option
to purchase up to 132,800 Common Shares at an exercise price of
$0.12. The option expires eighteen months from the date of
issuance.
All of the securities issued in connection with the Initial
Closing are subject to a four-month hold period under applicable
Canadian securities laws expiring April 1, 2014.
The net proceeds of the Offering will be used as previously
announced in the Company's press releases dated June 13, 2013 and
August 15, 2013.
The foregoing is subject to final approval by the TSX Venture
Exchange.
About CapGain
CapGain is an investment company that is focused on the
acquisition of income producing real property in select markets in
the United States. The Company's management and expertise within
the real estate and finance industries allow it to acquire
properties at significantly below market value.
Additional information on CapGain may be accessed through the
TMX website (www.tmx.com) and the SEDAR website (www.sedar.com)
under the profile for CapGain.
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 RELEASE.
Forward-Looking Statements
This press release may contain forward-looking statements within
the meaning of applicable legislation. All statements included in
this report and the documents that we incorporate by reference, are
forward-looking statements and can generally be identified by words
such as "will," "allow," "outlook," or the negative of these terms,
and other comparable terminology.
Various risks and other factors could cause actual results, and
actual events that occur, to differ materially from those
contemplated by the forward looking statements, such as whether
CapGain is able to meet price, performance, quality and delivery
requirements. Although CapGain believes that the expectations
represented by any forward-looking statements and forward-looking
information contained herein are reasonable based on the
information available to them on the date of this document,
management cannot assure investors that actual results, performance
or achievements will be consistent with these forward-looking
statements or forward-looking information. CapGain undertakes no
obligation to update the information in this press release to
reflect events or circumstances after the date hereof or to reflect
the occurrence of anticipated or unanticipated events.
CapGain Properties Inc.Brian KnightChief Executive Officer(847)
854-4213bknight@capgain.ca
CapGain Properties Inc. (TSXV:CPP)
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