Business
ViveRE Communities Inc. enters into definitive agreement for acquisition of 124 units
ViveRE Communities Inc. enters into definitive agreement for acquisition of 124 units ...
About this update from Nexliving Communities Inc
[{"type":"text","content":"\n\n\n\nViveRE Communities Inc. enters into definitive agreement for acquisition of 124 units\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, Feb. 10, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO US WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/\n HALIFAX, Feb. 10, 2020 /CNW/ - ViveRE Communities Inc. (TSXV: VCOM) (\"ViveRE\" or the \"Company\") announces that it has entered into a definitive agreement to acquire a 100% interest in three multi-unit residential properties (the \"Properties\" or the \"Acquisition\") 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), and are owned by Denaco Group Ltd. (\"Denaco\"). \n\n \n \n\n \nUpon closing the acquisition of the Properties, as well as 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 263. \nTransaction\nAs previously announced ViveRE will acquire the Properties for a purchase price of $13.5 million, subject to customary adjustments at closing. ViveRE will satisfy the purchase price as follows: (i) the payment to Denaco of a refundable deposit of $50,000; (ii) 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; (iii) at the option of ViveRE, the assumption by ViveRE of any existing mortgage debt encumbering the Properties; and (iv) the balance paid to Denaco in cash and the placing of a collateral mortgage in the maximum amount of $9.75 million.  For the period ended August 31, 2019 the annual total revenue of the Properties was $1,366,000 (unaudited) and total operating expenses were $608,000 (unaudited). No finders fee will be paid on the Acquisition.\nConcurrent with the Acquisition, Denis Arsenault, the owner of Denaco, or an entity controlled by Denis Arsenault (\"Arsenault\"), will subscribe for; (i) 7,291,667 common shares of ViveRE, such shares to be issued ...