Westdale Announces Early Warning Report Filing Regarding the Acquisition of Shares of Urbanfund Corp.
June 21 2024 - 5:00PM
Westdale Construction Co. Limited (“
Westdale”)
reports that on June 21
, 2024, it acquired by
private agreement 14,761,901 common shares (“
Purchased
Shares”) of Urbanfund Corp. (“
Urbanfund”)
held by Reznick Construction Limited for an aggregate purchase
price of $10 million (the “
Transaction”).
Prior to giving effect to the Transaction,
Westdale owned or controlled 25,794,379 Urbanfund common shares
(“Common Shares”), representing 48.4% of the
issued and outstanding Common Shares on a non-diluted basis. Upon
completion of the Transaction, Westdale has ownership or control
over 40,556,280 Common Shares, representing 76.1% of the issued and
outstanding Common Shares on a non-diluted basis. Additionally,
Westdale owns 7,425,000 Urbanfund preferred shares that are
convertible into Common Shares in certain specified circumstances,
which circumstances have not transpired.
The Purchased Shares were acquired for
investment purposes. All Common Shares acquired and/or owned or
controlled by Westdale were acquired for investment purposes. In
accordance with applicable securities laws, Westdale may, from
time to time and at any time, directly or otherwise, acquire
additional Common Shares and reserves the right to dispose of any
or all of the Common Shares in accordance with applicable
securities laws depending on market conditions, the business and
prospects of Urbanfund and other relevant factors.
This press release is issued pursuant to the
requirements of National Instruments 62-103 – The Early Warning
System and Related Take-Over Bid and Insider Reporting Issues. An
early warning report with additional information in respect of the
foregoing matters will be filed and made available on SEDAR+ under
the Urbanfund’s issuer profile at www.sedarplus.com. To obtain
copies of the early warning report, please contact Westdale at the
details below.
About Westdale
Westdale is a privately held real estate company
with assets across Canada and the United States.
Mitchell CohenChief
Operating OfficerWestdale Construction Co.
Limited416-703-1877 ext 2025
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