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KADESTONE CAPITAL CORP. ANNOUNCES SALE OF MARINE DRIVE PROPERTY
KADESTONE CAPITAL CORP. ANNOUNCES SALE OF MARINE DRIVE PROPERTY Canada NewsWire ...
About this update from Kadestone Capital Corp.
[{"type":"text","content":"\n \n \n \n KADESTONE CAPITAL CORP. ANNOUNCES SALE OF MARINE DRIVE PROPERTY\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 /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n Jan. 9, 2023\n \n \n /CNW/ - Kadestone Capital Corp. (\"\n \n Kadestone\n \n \" or the \"\n \n Company\n \n \") (TSXV: KDSX) (OTCQB: KDCCF), a vertically integrated property company, announces that it has signed an agreement to dispose of the Company's 51% interest in its Marine Drive investment property (the \"\n \n Property\n \n \") as of\n \n December 31, 2022\n \n . The 51% interest in the Property is held by\n \n 1230609 B\n \n .C. Ltd., a wholly-owned subsidiary of the Company (the \"\n \n Registered Owner\n \n \").\n \n \n \n \n \n \n \n \n \n The sale of the Property will be effected pursuant to an agreement of purchase and sale whereby the Company will sell all of the issued and outstanding shares of the Registered Owner to\n \n 0995793 B\n \n .C. Ltd. (the \"\n \n Purchaser\n \n \") in exchange for\n \n $1,850,000.00\n \n in cash.\n \n \n The Purchaser is a company controlled by\n \n Travis Chen\n \n , a control person of Kadestone, and is a \"Non-Arm's Length Party\" as defined in Policy 1.1 of the TSX Venture Exchange (the \"\n \n Exchange\n \n \"). The Company has determined that the sale of the Property to the Purchaser is exempt from the application of Multilateral Instrument 61-101 –\n \n Protection of Minority Security Holders in Special Transactions\n \n and Policy 5.9 of the Exchange.\n \n \n The Company intends to use the net proceeds from the sale of the Property to pay off existing debt and for general corporate purposes.\n \n \n \n About Kadestone\n \n \n \n Kadestone was established to pursue the investment in, development, acquisition, and management of residential and commercial income producing properties within major urban centres and high-growth, emerging markets in Canada. The Company...