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Parkit Completes $40.3 Million Bought Deal Private Placement Financing, $1.0 Million Concurrent Non-Brokered Private Placement and Completes the Purchase of Ottawa Property for Equity and Cash Consideration
Toronto, Ontario--(Newsfile Corp. - March 18, 2021) - Parkit Enterprise Inc. (TSXV: PKT) (OTC:...
About this update from Parkit Enterprise Inc.
[{"type":"text","content":"Parkit Completes $40.3 Million Bought Deal Private Placement Financing, $1.0 Million Concurrent Non-Brokered Private Placement and Completes the Purchase of Ottawa Property for Equity and Cash ConsiderationToronto, Ontario--(Newsfile Corp. - March 18, 2021) - Parkit Enterprise Inc. (TSXV: PKT) (OTC: PKTEF) (\"Parkit\" or the \"Company\"), is pleased to announce that it has closed its previously announced (see press releases dated March 1, 2021) bought deal private placement (the \"Bought Deal Offering\") and the concurrent non-brokered private placement (the \"Non-Brokered Offering\" and together with the Bought Deal Offering, the \"Offerings\") of an aggregate of 27,507,332 common shares of the Company (\"Common Shares\") at a price of $1.50 per Common Share. The Bought Deal Offering consisted of 26,841,000 Common Shares for aggregate gross proceeds of approximately $40.3 million. The Bought Deal Offering was co-led by Stifel GMP and Scotiabank. The Non-Brokered Offering consisted of 666,332 Common Shares for aggregate gross proceeds of approximately $1.0 million issued to a president's list on the same terms as the Bought Deal Offering.The Company plans to use the net proceeds from the sale of Common Shares for future acquisitions and for general corporate purposes.The Common Shares are subject to a hold period under applicable Canadian securities laws expiring on July 19, 2021.Update on Ottawa Property PurchaseThe Company is also pleased to announce that it has completed its previously announced (see press release dated March 11, 2021) purchase (the \"Acquisition\") of a fully tenanted 180,000 square feet Class A industrial building on 7 acres of land located in Ottawa, Ontario (the \"Property\"). The purchase price for the Property was $28,500,000, subject to adjustments, and was satisfied through the issuance of an aggregate of 2,667,000 Common Shares at a deemed price of $1.50 per share with the remainder of the purchase price being satisfied with funds on hand. The Common Shares issued in connection with the Acquisition are subject to a hold period under applicable Canadian securities laws expiring on July 19, 2021.Related Party Transaction DisclosurePursuant to the Non-Brokered Offering, Parkit issued 56,667 Common Shares to a purchaser that is considered to be a \"related party\" (within the meaning of Multilateral Inst...