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ViveRE Communities Inc. Announces Closing of Denaco Acquisition and Conversion of Convertible Debentures
ViveRE Communities Inc. Announces Closing of Denaco Acquisition and Conversion of Converti...
About this update from Nexliving Communities Inc
[{"type":"text","content":"\n\n\n\nViveRE Communities Inc. Announces Closing of Denaco Acquisition and Conversion of Convertible Debentures\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\nHALIFAX, March 16, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO US WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/\n HALIFAX, March 16, 2020 /CNW/ - ViveRE Communities Inc. (TSXV: VCOM) (\"ViveRE\" or the \"Company\" or the \"Issuer\") announces that, further to its press releases dated January 30 and February 10, 2020, it has completed the acquisition from Denaco Group Ltd. (\"Denaco\") of a 100% interest in three multi-unit residential properties (the \"Properties\" or the \"Acquisition\") comprising 124 units located in Moncton, New Brunswick. The Properties are located at 150 Lewisville Road (55 units), 154 Lewisville Road (34 units) and 39 Pleasant Street (35 units).  \n\n \n \n \n \n \n \n\n \nAcquisition \nViveRE acquired the Properties for a purchase price of $13.5 million, subject to customary adjustments at closing. ViveRE satisfied the purchase price with the issuance to Denaco of 2,083,333 common shares of ViveRE at a price of $0.24 per share (representing consideration of $500,000), with the balance being paid in cash.\nIn connection with the Acquisition, and as previously announced, Denis Arsenault (\"Arsenault\"), the owner of Denaco subscribed for: (i) 7,291,667 common shares of ViveRE at a price of $0.24 per common share for aggregate gross proceeds of $1,750,000; (ii) an unsecured convertible debenture (\"Debenture\") in the principal amount of $1,750,000; and (iii) 7,000,000 common share purchase warrants (\"Warrants\"), having a 3-year term and an exercise price of $0.27 per common share (the \"Subscription\"). The Debenture has a 2-year term, bears interest at the rate 7% per annum to be paid annually, and is convertible into 6,481,481common shares of ViveRE at a price of $0.27 per common share, assuming full conversion.\nViveRE has placed a collateral mortgage on the Properties in the amount of $10.125 million having a...