Business
True North Commercial Real Estate Investment Trust Closes Exercise of Underwriters' Over-Allotment Option
True North Commercial Real Estate Investment Trust Closes Exercise of Underwriters' Over-A...
About this update from True North Commercial Reit
[{"type":"text","content":"\n\n\n\nTrue North Commercial Real Estate Investment Trust Closes Exercise of Underwriters' 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.prntal{\nTEXT-ALIGN: LEFT\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, July 18, 2017\n\n\n\n\n/NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S. NEWSWIRES/\n\n\n\nTORONTO, July 18, 2017 /CNW/ - True North Commercial Real Estate Investment Trust (the \"REIT\") (TSX: TNT.UN) is pleased to announce that it has issued an additional 344,000 trust units (\"Over-Allotment Units\") at a price of $6.25 per Over-Allotment Unit pursuant to the over-allotment option granted to the underwriters in connection with the REIT's previously announced bought deal offering of 4,800,000 trust units. Following the exercise and closing of the over-allotment option, the REIT has raised aggregate gross proceeds of $32,150,000 in connection with the offering, which was underwritten by a syndicate of underwriters led by CIBC Capital Markets and Raymond James Ltd.\n\nThe REIT intends to use the net proceeds from the offering to fund potential future acquisitions, to repay indebtedness owing under the REIT's existing credit facilities and for general trust purposes.\n\nAbout the REIT\n\nThe REIT is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario. The REIT currently owns and operates a portfolio of 33 commercial properties consisting of approximately 2.2 million square feet in urban cities and select secondary markets across Canada focusing on long term leases with government and credit-rated tenants.\n\nThe REIT is focused on growing its portfolio principally through acquisitions across Canada and such other jurisdictions where opportunities exist. Additional information concerning the REIT is available at www.sedar.com or the REIT's website at www.truenorthreit.com.\n\nForward-looking Statements\n\nCertain statements contained in this press release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking statements are provided for the purposes of...