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ViveRE Communities Inc. Announces Proposed Acquisition and Non-Brokered Private Placement Financing
ViveRE Communities Inc. Announces Proposed Acquisition and Non-Brokered Private Placement ...
About this update from Nexliving Communities Inc
[{"type":"text","content":"\n\n\n\nViveRE Communities Inc. Announces Proposed Acquisition and Non-Brokered Private Placement Financing\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\n\n\n\n\n\n\nCanada NewsWire\nHALIFAX, Jan. 8, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO US WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/\n HALIFAX, Jan. 8, 2020 /CNW/ - ViveRE Communities Inc. (TSXV: VCOM) (\"ViveRE\" or the \"Company\") announces that it has entered into a  Share Purchase Agreement to acquire all the shares of Emma and Albert Development Inc. (\"Emma\"), whose sole asset is the real property located at 75 Emma Street, Oshawa, Ontario (the \"Emma Street Property\"). The Emma Street Property is a newly built multi-unit residential property totaling 20 units. \n\n \n \n\n \nTransaction\nViveRE will acquire Emma for a purchase price of $7,300,000, subject to adjustments at closing. ViveRE will satisfy the purchase price as follows: a collateral mortgage in the maximum amount of $4,750,000;  the issuance  to the vendors of 1,041,666 common shares of ViveRE at a deemed price of $0.24 per share representing consideration of $250,000;   the vendors providing an unsecured vendor take back loan in the amount of $250,000 repayable in 24 months and bearing interest at 7% per annum, convertible  at the option of the vendors into 925,925 common shares of ViveRE at a deemed price of $0.27 per common share for 24 months from the closing date;  the issuance of 1,000,000 warrants to acquire common shares of ViveRE at an exercise price of $0.27 per common share for a term of 24 months from the closing date;  the assumption of an existing shareholder loan of approximately $900,000 and the balance of the purchase price payable in cash from the proceeds of a non-brokered private placement financing that ViveRE expects to complete concurrent with the closing of the Emma acquisition. The acquisition and financing are expected to close during the first quarter of 2020.  This acquisition is subject to TSX Venture Exchange (the \"Exchange\") approval.\nFinancing\nViveRE Commu...