Minto Apartment REIT Announces Underwriters' Exercise of Over-Allotment Option

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[{"type":"text","content":"\n\n\n\nMinto Apartment REIT Announces Underwriters' Exercise of Over-Allotment Option\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\nCanada NewsWire\nOTTAWA, Nov. 25, 2019\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/\n OTTAWA, Nov. 25, 2019 /CNW/ - Minto Apartment Real Estate Investment Trust (the \"REIT\") (TSX: MI.UN) announced today that it has closed the sale of an additional 856,280 trust units of the REIT (\"Units\") to a syndicate of underwriters bookrun by TD Securities Inc. and BMO Capital Markets (the \"Underwriters\"), pursuant to the over-allotment option granted to the Underwriters (the \"Over-Allotment Option\") in connection with the REIT's recent sale of 9,850,000 Units (the \"Offering\") at a price of $22.85 per Unit (the \"Offering Price\") that closed on October 22, 2019. The exercise of the Over-Allotment Option at the Offering Price generated additional gross proceeds to the REIT of approximately $19.6 million and brings the total gross proceeds of the Offering to the REIT to approximately $244.6 million.\n\n \n \n\n \nThe REIT intends to use the net proceeds of the Over-Allotment Option to repay amounts outstanding under its credit facility that were drawn to pay a portion of the purchase price for the acquisition of Le 4300 and Haddon Hall, two high-quality multi-residential properties in Montreal, Quebec, which closed on November 20, 2019.\nNo securities regulatory authority has either approved or disapproved of the contents of this news release. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of Minto Apartment Real Estate Investment Trust in any jurisdiction.\nAbout Minto Apartment Real Estate Investment TrustMinto Apartment Real Estate Investment Trust is an unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario to own income-producing multi-residential properties locate...

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