Business
InterRent Announces Private Placement
InterRent Announces Private Placement.
About this update from Interrent Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\n\nTSX.V - IIP\n\nTORONTO, April 24 /CNW/ - InterRent International Properties Inc.\n(the \"Corporation\") is pleased to announce that, subject to regulatory\napproval, it has agreed to a non-brokered private placement of up to\nfour million Units at a price of $0.50 per Unit. Each Unit is comprised of\none (1) common share and one-half of one (1/2) common share purchase warrant\n(the \"Warrant\"). Each whole Warrant entitles the holder thereof to purchase\none (1) common share for a period of two (2) years from the date of issuance.\nThe Warrants are exercisable at a price of $.60 per common share for the first\n12 months from the date of issuance and $0.75 for the following 12 months. The\nproceeds will be used as follows;\n\n- $1,100,000 for the repayment of a 9% secured debenture\n- $ 250,000 for the closing of the acquisition of a 63 unit apartment\n building in Hamilton, Ontario\n- $ 150,000 for costs associated with the Silverstone Equities\n transaction\n- $ 250,000 for capital costs associated with the implementation of a\n water savings program, with a projected 23 month payback.\n- $ 250,000 as deposit on future acquisitions\n\nInterRent is a rapidly expanding, growth oriented real estate company\nengaged in building shareholder value through the acquisition, ownership and\noperation of strategically located income producing multi-residential real\nestate, with 1,146 apartment suites under ownership and an additional\n63 suites under contract.\n\nCertain information in this press release may contain forward-looking\nstatements. This information is based on current expectations that are subject\nto significant risks and uncertainties that are difficult to predict. Actual\nresults might differ materially from results suggested in any forward-looking\nstatements. The Company assumes no obligation to update the forward-looking\nstatements, or to update the reasons why actual results could differ from\nthose reflected in the forward looking-statements unless and until required by\nsecurities laws applicable to the Company. Additional information identifying\nrisks and uncertainties is contained in the Company's filings with the\nCanadian securities regulators, which filings are available at www.sedar.com.\n\nThe TSX Venture Exchange has not reviewed and does not accept\nresponsibility for the adequacy or accuracy of...