Business
Scoss Capital Corp. announces financing and completion of qualifying transaction
Scoss Capital Corp. announces financing and completion of qualifying transaction.
About this update from Winchester Equity Corporation
[{"type":"text","content":"\n\n\n\n\nTORONTO, May 30 /CNW/ - (TSX-V: SCP.P) SCOSS Capital Corp. \n(the \"Corporation\"), a capital pool company listed on the TSX Venture Exchange\n(the \"Exchange\"), completed its previously announced acquisition of two \nself-storage properties located at 375 Middlefield Road and 345 Danforth Road,\nToronto, Ontario (the \"Acquisition\") for an aggregate purchase price of\n$8.05 million (subject to customary adjustments). The acquired properties\nconsist in the aggregate of 250 self-storage units comprising a total of\n58,067 square feet of leasable space. In order to finance the Acquisition, the\nCorporation also completed a secured financing in the amount of $6.0 million\n(the \"Mortgage Financing\") and a private placement of 9,000,000 common shares\nof the Corporation for gross proceeds of $4.5 million (the \"Private Placement\"\nand, together with the Acquisition, the \"Transactions\"). Canaccord Capital\nCorporation acted as agent to the Corporation for the Private Placement.\nThe Transactions are intended to serve as the Corporation's \"Qualifying\nTransaction\" pursuant to the capital pool company policies of the Exchange.\nThe portion of the proceeds of the Mortgage Financing and Private\nPlacement not used to fund the Acquisition purchase price will be used to pay\nthe costs and expenses associated with the Transactions, with the balance to\nbe used to identify potential future acquisitions and for general corporate\npurposes.\n\nSCOSS Capital Corp.\n\nThe Corporation operates and owns self-storage properties. With the\ncompletion today of the Acquisition, the Corporation currently owns two self-\nstorage properties located in Toronto, Ontario and it intends to continue to\ngrow its business through investments in and acquisitions of additional self-\nstorage properties and ancillary businesses.\nAdditional information on the Corporation is available on the SEDAR\nwebsite at www.sedar.com.\nThis press release contains forward-looking statements. Often, but not\nalways, forward-looking statements can be identified by the use of words such\nas \"plans\", \"expects\" or \"does not expect\", \"is expected\", \"estimates\",\n\"intends\", \"anticipates\" or \"does not anticipate\", or \"believes\", or\nvariations of such words and phrases or state that certain actions, events or\nresults \"may\", \"could\", \"would\"...