FLAGSHIP COMMUNITIES REAL ESTATE INVESTMENT TRUST ANNOUNCES CLOSING OF APPROXIMATELY US$60 MILLION EQUITY OFFERING

About this update from Flagship Communities Real Estate Investment Trust

[{"type":"text","content":"\n \n \n \n FLAGSHIP COMMUNITIES REAL ESTATE INVESTMENT TRUST ANNOUNCES CLOSING OF APPROXIMATELY US$60 MILLION EQUITY OFFERING\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n /Not for distribution to U.S. newswire services or dissemination in\n \n the United States\n \n ./\n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n April 24, 2024\n \n \n /CNW/ - Flagship Communities Real Estate Investment Trust (the \"\n \n REIT\n \n \" or \"\n \n Flagship\n \n \") (TSX: MHC.U) (TSX: MHC.UN) announced today that it has completed its previously announced public offering (the \"\n \n Offering\n \n \") of 3,910,000 trust units (the \"\n \n Units\n \n \") on a bought deal basis at a price of\n \n US$15.35\n \n per Unit for total gross proceeds to the REIT of approximately\n \n US$60 million\n \n .\n \n \n \n \n \n \n \n \n \n The Offering was completed through a syndicate of underwriters co-led by BMO Capital Markets and Canaccord Genuity Corp.\n \n \n The REIT intends to use the net proceeds from the Offering to fund a portion of the approximately\n \n US$93 million\n \n aggregate purchase price for the REIT's previously announced acquisition of seven manufactured housing communities comprising 1,253 lots (the \"\n \n Acquisitions\n \n \") and for general business purposes. In the event the REIT is unable to consummate one or both of the Acquisitions, the REIT intends to use the net proceeds of the Offering to fund future acquisitions and for general business purposes.\n \n \n The REIT has also granted the underwriters an over-allotment option to purchase up to an additional 586,500 Units on the same terms and conditions, exercisable at any time, in whole or in part, up to 30 days after the date hereof.\n \n \n \n About Flagship Communities Real Estate Investment Trust\n \n \n \n Flagship Communities Real Estate Investment Trust is a leading operator of affordable residential Manufactured Housing Communities primarily serving working families seeking affordable home ownership. The REIT owns and operates excep...

More updates from Flagship Communities Real Estate Investment Trust