/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
HALIFAX, Oct. 1, 2019 /CNW/ - ViveRE Communities Inc.
(TSXV: VCOM) ("ViveRE" or the "Company") is pleased
to announce that it has closed today its previously announced
non-brokered private placement offering (the "Offering") of
Tier 1 and Tier 2 Units ("Units").
A total of nineteen (19) Tier 1 units were sold at a price of
$25,000 per Tier 1 unit and four (4)
Tier 2 units at a price of $250,000
per Tier 2 unit for aggregate gross proceeds of $1,475,000. Each Tier 1 Unit is comprised of
56,818 common shares of ViveRE and a $12,500 convertible debenture, bearing annual
interest of 7%, with a term of two years. The debenture is
convertible to common shares of ViveRE at a price of $0.25 per share. Each Tier 2 Unit is comprised of
568,181 common shares of ViveRE and a $125,000 convertible debenture, bearing annual
interest of 7% for a term of two years. The debenture is
convertible into common shares of ViveRE at a price of $0.25 per share. Each Tier 2 unit also includes
500,000 common share purchase warrants, exercisable at a price of
$0.25 per share for a period of two
years after the closing date. The Offering was completed
by the Company directly.
The securities issued pursuant to the Offering are subject to a
4 month hold period. Certain insiders of the Company
subscribed for an aggregate of approximately 15% of the Offering.
The Company's material change report in relation to the insider
participation in the Offering will not have been filed at least 21
days before the closing of the Offering as their participation was
not known at that time.
A portion of the gross proceeds of the Offering will be used to
finance the previously announced potential acquisition of two
23-unit, multi-family rental properties located at 542 and 550 Ryan
Street, Moncton, New
Brunswick (the "Acquisition"), as well as, the
Company's expenses of the Acquisition. The Company expects the
Acquisition to close in October
2019.
The Offering and the Acquisition are subject to TSX Venture
Exchange ("TSXV") final acceptance of requisite regulatory
filings.
Further details of the Offering and the Acquisition are included
in the Company's press release dated August
16, 2019, filed with Canadian securities regulators. A copy
of the press release is available under the Company's profile on
the SEDAR website at www.sedar.com.
The common shares subject to the Offering have not been and
will not be registered under the U.S. Securities Act of 1933, as
amended (the "U.S. Securities Act") and may not be offered
or sold in the United States
absent registration under or an applicable exemption from the
registration requirements of the U.S. Securities Act. This press
release does not constitute an offer to sell or the solicitation of
an offer to buy the shares herein described, and shall not
constitute an offer, solicitation or sale in any jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of that
jurisdiction.
About ViveRE Communities Inc.
ViveRE is a real estate acquisition and ownership company,
focused on recently built or recently refurbished, highly leased
multi-residential properties in secondary markets across
Canada. The Company aims to
satisfy the needs of the newly emerging 55+ resident. This
demographic is changing the way residential rental apartments cater
to their requirements. Their desire for community, along with
services 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 to the carefree
lifestyle provided through renting in a community of their peers.
ViveRE intends to consolidate this emerging market niche across the
country.
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 "aims", "intends", "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 Acquisition, the Offering, the receipt of requested TSXV and
securities regulatory approvals, and the future plans and
objectives of ViveRE Communities Inc, are forward-looking
statements that involve risks and uncertainties, and are
necessarily based on a number of assumptions
that, while considered reasonable by management, are
inherently subject to business, market and economic risks,
uncertainties and contingencies that may cause actual results,
performance or achievements to be materially different from those
expressed or implied by forward-looking statements. 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.
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 press
release.
SOURCE ViveRE Communities Inc.