Business
ViveRE Communities Provides Update on Pending Acquisitions and Closes $1.325 Million Financing
ViveRE Communities Provides Update on Pending Acquisitions and Closes $1.325 Million Finan...
About this update from Nexliving Communities Inc
[{"type":"text","content":"\n\n\n\nViveRE Communities Provides Update on Pending Acquisitions and Closes $1.325 Million 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, April 17, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO US WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/\n HALIFAX, April 17, 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 \nViveRE recognizes the significant impact COVID-19 is having on our residents, business partners and communities. The business impact on our operations has been minimal. As at April 1, 2020, our portfolio of 243 units had less than 1% vacancy. None of our residents requested deferral of their April rent and all rents were collected in full. This reflects the demographic and quality of our resident base. Our priority in this time continues to be operating in a manner that promotes the safety and health of our residents, staff, business partners and communities.\nAcquisition of 75 Emma Street, Oshawa and Private Placement\nAs press released on January 8, 2020, ViveRE 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 St. Property\" or the \"Emma Acquisition\"). The Emma St. Property is a newly built multi-unit residential property totaling 20 units of which 19 are three-bedroom units and 1 is a two-bedroom unit. Upon closing this acquisition ViveRE will have 263 units under ownership and another 223 units under agreement.\nViveRE will acquire Emma for a purchase price of $7,300,000, subject to adjustments at closing. The amended terms whereby ViveRE will satisfy the purchase price as follows; (i) a collateral mortgage in the amount of $4,780,750;  (ii) the issuance to the vendors of 2,083,333 common shares of ViveRE at a deemed price of $0.24 per common share representing consideration of $500,000; (iii) the vendors providing an unsecured vendor t...