All amounts are in $US Dollars unless otherwise
stated
TORONTO, Feb. 1, 2017 /CNW/ - Firm Capital American
Realty Partners Corp. (the "Company"), (TSXV : FCA.U) is
pleased to announce that the Company is intending to proceed with a
consolidation of its outstanding common shares on the basis of one
(1) post-consolidation common share of the Company for every 29.41
pre-consolidation common shares of the Company (the "Proposed
Share Consolidation"). This ratio is based upon the 20-day
volume weighted average trading price of the pre-consolidation
common shares for the previous 20 trading days, such that the
trading price of the post-consolidation common shares of the
Company is $5.00 per
post-consolidation common share.
The Company intends to file articles of amendment to effect the
Proposed Share Consolidation as of February
3, 2017. It is expected that the post-consolidation common
shares of the Company will commence trading on the TSX Venture
Exchange as of market open on February 3,
2017.
The Company currently has 125,867,720 common shares issued and
outstanding. Following completion of the Proposed Share
Consolidation, the Company will have approximately 4,279,759 common
shares issued and outstanding. No fractional post-consolidation
common shares will be issued in connection with the Proposed Share
Consolidation and, in the event a shareholder would otherwise be
entitled to receive a fractional common share in connection with
the Proposed Share Consolidation, the number of post-consolidation
common shares to be received by such shareholder will be rounded
down to the next whole number if that fractional common share is
less than ½ of a common share and will be rounded up to the next
whole number of common shares if that fractional common share is at
least ½ of a common share.
The Company believes that the Proposed Share Consolidation is in
the best interests of shareholders and is necessary in order to
provide the Company with a share capital structure that will better
attract capital financing and enhance future growth
opportunities.
The Proposed Share Consolidation has been previously approved by
the shareholders of the Company at the Company's annual and special
meeting held on July 20, 2016, and is
subject to final acceptance by the TSX Venture Exchange.
Registered shareholders of the Company will receive a letter of
transmittal from the Company's transfer agent with instructions as
to how such shareholders may obtain new share certificates for
their post-consolidation common shares.
ABOUT FIRM CAPITAL AMERICAN REALTY PARTNERS CORP.
Firm Capital American Realty Partners Corp. focuses on capital
partnership investing in U.S. income producing real estate &
mortgage debt investments.
The Company is focused on the following investment
platforms:
- Income Producing Real Estate Investments: Acquiring
income producing U.S. real estate assets in major cities across
the United States. Acquisitions
are completed solely by the Company or in joint-venture partnership
with local industry expert partners who retain property management;
and
- Mortgage Debt Investments: Real estate debt and equity
lending platform focused on major cities across the United States. Focused on providing all
forms of bridge mortgage loans and joint venture capital.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain information in this news release constitutes
forward-looking statements under applicable securities law. Any
statements that are contained in this news release that are not
statements of historical fact may be deemed to be forward-looking
statements. Forward-looking statements are often identified by
terms such as "may", "should", "anticipate", "expect", "intend" and
similar expressions. Forward-looking statements in this news
release include, but are not limited to, statements with respect to
the Company's intention to complete the Proposed Share
Consolidation, potential capital financing and growth
opportunities, as well as the Company's intention to acquire income
producing U.S. real estate assets and complete joint venture
partnerships and mortgage debt and equity lending investments.
Forward-looking statements necessarily involve known and unknown
risks, including, without limitation, risks associated with general
economic conditions; adverse factors affecting the U.S. real estate
market generally or those specific markets in which the Company
holds properties; volatility of real estate prices; inability to
complete the Company's single family property disposition program
or debt restructuring in a timely manner; inability to access
sufficient capital from internal and external sources, and/or
inability to access sufficient capital on favourable terms;
industry and government regulation; changes in legislation, income
tax and regulatory matters; the ability of the Company to implement
its business strategies; competition; currency and interest rate
fluctuations and other risks, including those described in the
Company's public disclosure documents on SEDAR at
www.sedar.com.
Readers are cautioned that the foregoing list is not exhaustive.
Readers are further cautioned not to place undue reliance on
forward-looking statements as there can be no assurance that the
plans, intentions or expectations upon which they are placed will
occur. 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.
Neither the 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.
Additional information about the Company is available at
www.firmcapital.com or www.sedar.com.
SOURCE Firm Capital American Realty Partners Corp.