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PROREIT completes $40.3 million equity offering including full exercise of over-allotment option
PROREIT completes $40.3 million equity offering including full exercise of over-allotment ...
About this update from Pro Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nPROREIT completes $40.3 million equity offering including full exercise of over-allotment option\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\nMONTRÉAL, Sept. 28, 2018\n\n\n\n/NOT FOR DISSEMINATION IN THE UNITED STATES OR DISTRIBUTION THROUGH UNITED STATES NEWS OR WIRE SERVICES./\n MONTRÉAL, Sept. 28, 2018 /CNW/ - PRO Real Estate Investment Trust (\"PROREIT\" or the \"REIT\") (TSXV: PRV.UN) is pleased to announce the closing of its previously announced offering (the \"Offering\") of trust units of the REIT (the \"Units\") on a bought deal basis.  Pursuant to the Offering, the REIT issued 17,365,000 Units at a price of $2.32 per Unit for total gross proceeds of $40,286,800, including 2,265,000 Units issued pursuant to the full exercise of the over-allotment option.\nThe Offering was conducted through a syndicate of underwriters, including Canaccord Genuity Corp. and TD Securities Inc. as joint bookrunners and Scotiabank, collectively as co-lead underwriters, as well as BMO Nesbitt Burns Inc., CIBC World Markets Inc., National Bank Financial Inc., Haywood Securities Inc., Industrial Alliance Securities Inc., Raymond James Ltd., Laurentian Bank Securities Inc. and Leede Jones Gable Inc. \nThe Units were issued pursuant to a short form prospectus dated September 21, 2018 filed with securities regulatory authorities in all provinces of Canada (the \"Prospectus\"). A copy of the Prospectus is available under the REIT's profile on SEDAR at www.sedar.com.  \nThe REIT intends to use the net proceeds from the Offering to partially fund the Acquisitions (as defined below), to repay certain indebtedness which may be subsequently redrawn, and the balance, if any, to fund future acquisitions and for general business and working capital purposes.\nProperty Acquisitions\nThe REIT announced on September 11, 2018 its proposed acquisition of six commercial properties for an aggregate purchase price of approximately $61.7 million (excluding closing costs) (the \"Acquisitions\"). Upon completion of the Acquisitions, the REIT's portfolio w...