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Edgefront Realty Corp. Announces TSXV Conditional Approval and Filing of Filing Statement for its Qualifying Transaction
TSX-V: ED.P TORONTO, Feb. 26, 2013 /CNW/ - Edgefront Realty Corp. (" Edgefront "), a ...
About this update from Nexus Industrial Reit
[{"type":"text","content":"\n\n\n\n\n\nTSX-V: ED.P\n\n\nTORONTO, Feb. 26, 2013 /CNW/ - Edgefront Realty Corp. (\"Edgefront\"), a capital pool company listed on the TSX Venture Exchange (\"TSXV\"), is pleased to announce that it has received conditional approval\n from the TSXV for the closing of its Qualifying Transaction, as defined\n under TSXV Policy 2.4 - Capital Pool Companies (the \"CPC Policy\"), and that further to its press release dated January 22, 2013 (the \"QT Press Release\"), Edgefront has filed its filing statement in connection with its\n Qualifying Transaction (the \"Filing Statement\").\n\n\nAs previously announced, Edgefront's Qualifying Transaction involves the\n purchase by Edgefront, pursuant to a purchase and sale agreement dated\n January 21, 2013 (the \"Purchase Agreement\") with 1732228 Ontario Inc. (the \"Vendor\"), of the Vendor's rights as tenant in a 66 year ground lease (the \"Ground Lease\") (which commenced on May 1, 2006 with the option to extend for two\n additional 10 year terms) in respect of a property in Charlottetown,\n Prince Edward Island containing a 4,500 square foot building (the \"Property\") for a total purchase price of $1.148 million (the \"Transaction\"). The purchase price will be satisfied by the assumption by Edgefront\n of the existing mortgage on the Property, with a principal balance of\n approximately $0.5 million, with the remainder of the purchase price to\n be paid in cash.\n\n\nThe beneficial interest in the Vendor's right as tenant in the Ground\n Lease is owned by 695 University Avenue (TD PEI) Partnership which is\n unrelated to Edgefront or any of its directors and officers. The\n Property is currently leased to a Schedule 1 chartered bank until June\n 30, 2016 (the \"Lease\"). On completion of the Transaction, Edgefront will assume the Vendor's\n interest in both the Ground Lease and the Lease.\n\n\nAssuming all conditions for closing are satisfied, Edgefront expects to\n close the Qualifying Transaction on or about March 7, 2013. Upon\n completion of the proposed Qualifying Transaction, Edgefront is\n expected to meet all of the minimum listing requirements for a Tier II\n Real Estate Issuer. The Filing Statement is available under Edgefront's\n profile on SEDAR at www.sedar.com. Following completion of the Qualifying Transaction, the business of\n the Resulting Issuer will be to man...