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ViveRE Communities Inc. Announces Proposed Acquisition of 223 Units in Moncton, NB
ViveRE Communities Inc. Announces Proposed Acquisition of 223 Units in Moncton, NB ...
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[{"type":"text","content":"\n\n\n\nViveRE Communities Inc. Announces Proposed Acquisition of 223 Units in Moncton, NB\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, Feb. 18, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO US WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/\n HALIFAX, Feb. 18, 2020 /CNW Telbec/ - ViveRE Communities Inc. (TSXV: VCOM) (\"ViveRE\" or the \"Company\") announces that it has entered into an exclusive letter of intent to acquire a 100% interest in ten (10) multi-unit residential properties (the \"Properties\" or the \"Acquisition\") comprising 223 units located in Moncton, New Brunswick. The Properties are located at 145-155 McLaughlin Road, 27 Edmond Street, 50 Maplewood Drive and 2380 Mountain Road, and are owned by ATMJ Properties Inc. (\"ATMJ\").\n\n \n \n\n \nUpon closing the ATMJ Acquisition, as well as, the acquisition of the Denaco properties in Moncton (refer to ViveRE news release dated February 10, 2020) and 75 Emma St. in Oshawa (refer to ViveRE news release dated January 8, 2020), the total number of units owned by ViveRE will increase from 119 to 486. \nTransaction\nViveRE will acquire the Properties for a purchase price of $30 million, subject to customary adjustments at closing. ViveRE will satisfy the purchase price as follows: (i) the payment to ATMJ of deposits totalling $50,000 of which $40,000 is a refundable deposit; (ii) the issuance to ATMJ of 4,166,667 common shares of ViveRE at a price of $0.24 per share representing consideration of $1,000,000; (iii) the issuance to ATMJ of an unsecured convertible debenture in the amount of $1,000,000 with a two year term having an interest rate of 7% per annum and convertible into common shares of ViveRE at a price of $0.27 per share; (iv) the issuance to ATMJ of 4,000,000 common share purchase warrants (\"Warrants\"), having a 3-year term and an exercise price of $0.27 per common share; (v) at the option of ViveRE, the assumption by ViveRE of existing mortgage debt encumbering the Properties; (vi) the placing of a collateral mortgage in the maximum amount of $22,500,0...