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PROREIT Announces $25 Million Public Offering of Trust Units
PROREIT Announces $25 Million Public Offering of Trust Units Canada NewsWire MON...
About this update from Pro Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nPROREIT Announces $25 Million Public Offering of Trust 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\nMONTRÉAL, Jan. 10, 2018\n\n\n\n/NOT FOR DISSEMINATION IN THE UNITED STATES OR DISTRIBUTION THROUGH UNITED STATES NEWS OR WIRE SERVICES./\n\n\n\nMONTRÉAL, Jan. 10, 2018 /CNW/ - PRO Real Estate Investment Trust (\"PROREIT\" or the \"REIT\") (TSXV: PRV.UN) is pleased to announce that it has entered into an agreement to sell to a syndicate of underwriters co-led by Canaccord Genuity Corp. and TD Securities Inc. as joint bookrunners and Scotiabank (collectively, the \"Underwriters\"), on a bought deal basis, 10,870,000 trust units (\"Units\") at a price of $2.30 per Unit (the \"Offering Price\") for gross proceeds to the REIT of approximately $25 million (the \"Offering\"). \n\nThe REIT has also granted the Underwriters an over-allotment option to purchase up to an additional 1,630,500 Units on the same terms and conditions, exercisable at any time, in whole or in part, up to 30 days after the closing of the Offering (the \"Over-Allotment Option\"). The Offering is expected to close on or about January 29, 2018 and is subject to customary conditions, including regulatory approval. The Units will be offered by way of a short form prospectus to be filed with the securities commissions and other similar regulatory authorities in each of the provinces of Canada, pursuant to National Instrument 44-101 - Short Form Prospectus Distributions.\n\nThe REIT intends to use the net proceeds from the Offering to partially fund future acquisitions, to repay certain indebtedness and for general business and working capital purposes.\n\n\"PROREIT continues to deliver on its core business plan of delivering accretive acquisitions of high-quality retail, industrial, and commercial mixed-use properties with strong tenants and long-term leases,\" said James W. Beckerleg, President and Chief Executive Officer. \"With the transactions completed since July 2017, we successfully added over 890,000 square feet ...