TSX.V - IIP
TORONTO, April 24 /CNW/ - InterRent International Properties Inc.
(the "Corporation") is pleased to announce that, subject to regulatory
approval, it has agreed to a non-brokered private placement of up to
four million Units at a price of $0.50 per Unit. Each Unit is comprised of
one (1) common share and one-half of one (1/2) common share purchase warrant
(the "Warrant"). Each whole Warrant entitles the holder thereof to purchase
one (1) common share for a period of two (2) years from the date of issuance.
The Warrants are exercisable at a price of $.60 per common share for the first
12 months from the date of issuance and $0.75 for the following 12 months. The
proceeds will be used as follows;
- $1,100,000 for the repayment of a 9% secured debenture
- $ 250,000 for the closing of the acquisition of a 63 unit apartment
building in Hamilton, Ontario
- $ 150,000 for costs associated with the Silverstone Equities
transaction
- $ 250,000 for capital costs associated with the implementation of a
water savings program, with a projected 23 month payback.
- $ 250,000 as deposit on future acquisitions
InterRent is a rapidly expanding, growth oriented real estate company
engaged in building shareholder value through the acquisition, ownership and
operation of strategically located income producing multi-residential real
estate, with 1,146 apartment suites under ownership and an additional
63 suites under contract.
Certain information in this press release may contain forward-looking
statements. This information is based on current expectations that are subject
to significant risks and uncertainties that are difficult to predict. Actual
results might differ materially from results suggested in any forward-looking
statements. The Company assumes no obligation to update the forward-looking
statements, or to update the reasons why actual results could differ from
those reflected in the forward looking-statements unless and until required by
securities laws applicable to the Company. Additional information identifying
risks and uncertainties is contained in the Company's filings with the
Canadian securities regulators, which filings are available at www.sedar.com.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
%SEDAR: 00010579E
