Business
InterRent REIT Announces Closing of Financing
InterRent REIT Announces Closing of Financing.
About this update from Interrent Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nTORONTO, Oct. 12 /CNW/ - InterRent Real Estate Investment Trust\n(TSX:IIP.UN) ("InterRent") is pleased to announce that it has successfully\ncompleted its non-brokered private placement offering of 1,000,000 units (the\n"Units") to a current institutional unitholder for gross proceeds to InterRent\nof $5,090,000. Each Unit is comprised of one trust unit (a "Trust Unit") and\none trust unit purchase warrant of InterRent (a "Warrant"). Each Warrant\nentitles the holder to purchase one Trust Unit, subject to adjustment, at a\nprice of $5.09 for a period of 24 months from the date of closing. The Trust\nUnits and Warrants are subject to a hold period and may not be sold,\ntransferred or otherwise traded until February 13, 2008.\n\n\nThe proceeds from the offering will be used for general corporate\npurposes. Michael Newman, Chief Executive Officer of InterRent commented:\n"This equity investment by a current unitholder validates InterRent's growth\nstrategy, provides additional funding for future acquisitions, and supports\nmanagement's belief that its units are currently trading below InterRent's net\nasset value."\n\n\nAbout InterRent\n\n\nInterRent is a rapidly expanding, growth oriented real estate investment\ntrust engaged in building unitholder value through the accretive acquisition,\nownership and operation of strategically located income producing\nmulti-residential real estate, with 4,007 apartment suites under ownership.\n\n\nForward Looking Statements\n\n\nThis news release contains "forward-looking statements" within the\nmeaning of the United States Private Securities Litigation Reform Act of 1995\nand applicable Canadian securities legislation. Generally, these\nforward-looking statements can be identified by the use of forward-looking\nterminology such as "plans", "anticipated", "expects" or "does not expect",\n"is expected", "budget", "scheduled", "estimates", "forecasts", "intends",\n"anticipates" or "does not anticipate", or "believes", or variations of such\nwords and phrases or state that certain actions, events or results "may",\n"could", "would", "might" or "will be taken...