FLAGSHIP COMMUNITIES REAL ESTATE INVESTMENT TRUST ESTABLISHES AT-THE-MARKET EQUITY PROGRAM

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[{"type":"text","content":"\n \n \n \n FLAGSHIP COMMUNITIES REAL ESTATE INVESTMENT TRUST ESTABLISHES AT-THE-MARKET EQUITY PROGRAM\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 FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n ./\n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n May 17, 2022\n \n \n /CNW/ - Flagship Communities Real Estate Investment Trust (TSX: MHC.U) (the \"REIT\") announced today that it has established a US$50 million at-the-market equity program (the \"ATM Program\").\n \n \n The ATM Program allows the REIT to issue from treasury, at its discretion, up to\n \n US$50 million\n \n of trust units of the REIT (the \"REIT Units\") to the public from time to time. Distributions of REIT Units pursuant to the ATM Program, if any, will be made in accordance with the terms of an equity distribution agreement dated\n \n May 17, 2022\n \n (the \"Equity Distribution Agreement\") among the REIT, Canaccord Genuity Corp. and BMO Capital Markets. REIT Units sold under the ATM Program will be sold directly on the Toronto Stock Exchange, or such other recognized marketplaces to the extent permitted, at prevailing market prices at the time of sale, all in accordance with the terms of the Equity Distribution Agreement. The ATM Program will be effective until\n \n June 7, 2023\n \n , unless terminated earlier in accordance with the terms of the Equity Distribution Agreement. The REIT intends to use the net proceeds from REIT Units sold under the ATM Program, if any, to fund acquisitions, for repayment of indebtedness and for general working capital purposes.\n \n \n \"We believe the ATM Program will provide the REIT with an attractive alternative source to access incremental equity capital, and will be used in concert with other existing funding sources. We view the ATM Program as another tool that adds to our capital raising capabilities, and one element of our long–term sources of capital that can be used to fund growth,\" commented\n \n Kurt Keeney\n \n...

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