Business
ViveRE Communities Provides Update on Closing of Private Placement and Corporate Matters
ViveRE Communities Provides Update on Closing of Private Placement and Corporate Matters ...
About this update from Nexliving Communities Inc
[{"type":"text","content":"\n\n\n\nViveRE Communities Provides Update on Closing of Private Placement and Corporate Matters\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, May 15, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO US WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/ \n HALIFAX, May 15, 2020 /CNW/ - ViveRE Communities Inc. (TSXV: VCOM) (\"ViveRE\" or the \"Company\") provides the following corporate update. \n\n \n \n \n \n \n \n\n \nPrivate Placement Financing\nFurther to the Company's press release concerning it's Private Placement dated April 17, 2020, the total proceeds raised pursuant to the non-brokered private placement offering of Tier 1 and Tier 2 units has been increased by $375,000 to $1,700,000 and has closed today. A total of thirty-eight Tier 1 units were sold at a price of $25,000 per Tier 1 unit and three Tier 2 units at a price of $250,000 per Tier 2 unit. Each Tier 1 unit comprises 52,083 common shares of ViveRE and a $12,500 convertible debenture, bearing annual interest of 7% for a term of two years. The debenture is convertible into common shares of ViveRE at a price of $0.27 per share. Each Tier 2 unit comprises 520,833 common shares of ViveRE and a $125,000 convertible debenture, bearing annual interest of 7% for a term of two years. The debenture is convertible into common shares of ViveRE at a price of $0.27 per share. Each Tier 2 unit also includes 500,000 common share purchase warrants, exercisable at a price of $0.27 per share for a period of two years from the date of issuance. \nThe securities issued pursuant to the offering and any common shares issuable thereunder are subject to a four-month hold period. Certain insiders of the Company subscribed for twelve Tier 1 units for an aggregate of $300,000 of the offering. The Company paid a cash commission of $21,000 which was equal to 7.0% of the gross proceeds raised through certain brokers.  \nOperations Update\nViveRE recognizes the significant impact COVID-19 continues to have on our residents, business partners and communities. The business impact on our ...