HALIFAX, NS, Aug. 24, 2020 /CNW/ - ViveRE Communities
Inc. (TSXV: VCOM) ("ViveRE" or the "Company") is
undertaking a non-brokered private placement financing in the
maximum amount of $2,600,000 in the
form of a secured convertible debenture ("Debentures").
The Debentures will have a par value of $1,000 per Debenture, an issue price of
$950 per Debenture, an annual
interest rate of 7% payable semi-annually in cash, a term of 24
months and will be secured by properties currently in the Company's
portfolio. The Debentures will be convertible at the holder's
option into common shares of ViveRE at a price of $0.24 per share. If certain conditions are met
the Debentures will be redeemable by ViveRE at par value plus
accrued interest commencing February 28,
2022. The net proceeds of the Debenture financing will be
used to fund acquisitions.
The Debenture financing is subject to the approval of the TSX
Venture Exchange.
Company
ViveRE continues to execute its plans 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 and
convenience amenities has led to the emergence of the Naturally
Occurring Retirement Community or "NORC". 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 263 units in New
Brunswick and Ontario.
ViveRE has also developed a robust pipeline of qualified properties
for potential acquisition. Screening properties identified to match
the criteria set out in the Company business plan (proximity to
healthcare, amenities, services and shopping), management has
identified a number of attractive targets for consideration by the
Board. The Company intends to acquire a further 500 units in the
coming twelve months.
On behalf of the Board of Directors of ViveRE Communities
Inc.
"Mike Anaka"
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.
Forward-Looking Statements
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.