CALGARY, Oct. 9 /CNW/ - Mainstreet Equity Corp. ("Mainstreet" or the "Corporation") (TSX:MEQ) announces that notice is hereby given pursuant to the trust indenture (the "Indenture") dated as of October 8th, 2004 between the Corporation and Computershare Trust Company of Canada (the "Debenture Trustee"), as trustee, that the aggregate principal amount of $17,834,000 of Debentures outstanding will be redeemed as of November 6, 2007 (the "Redemption Date"), upon payment of a redemption amount of $1,007.15 for each $1,000 principal amount of Debentures, being equal to the aggregate of (i) $17,961,513.10 (the "Redemption Price"), and (ii) all accrued and unpaid interest hereon to but excluding the Redemption Date (collectively, the "Total Redemption Price").
The Total Redemption Price will be payable upon presentation and surrender of the Debentures called for redemption at the following corporate trust office:
Computershare Trust Company of Canada
600, 530 - 8th Avenue S.W.
Calgary, Alberta
T2P 3S8
The interest upon the principal amount of Debentures called for redemption shall cease to be payable from and after the Redemption Date, unless payment of the Total Redemption Price shall not be made on presentation for surrender of such Debentures at the above-mentioned corporate trust office on or after the Redemption Date or prior to the setting aside of the Total Redemption Price pursuant to the Indenture.
About Mainstreet
Established in 1997, Mainstreet is a Calgary-based, growth-oriented real estate corporation focused on the acquisition, redevelopment, repositioning, and asset and property management of mid-market apartment buildings. The Corporation currently owns and operates residential rental units, including apartments and townhouses, in Vancouver/Lower Mainland (Surrey), Calgary, Edmonton, Saskatoon and Greater Toronto Area.
Mainstreet's common shares are listed on the Toronto Stock Exchange under the symbol "MEQ". There are currently 11,910,393 common shares outstanding.
Cautionary Statement Regarding Forward-Looking Statements
This news release contains forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. When used herein, words such as "intended" and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on assumptions by and information available to the Corporation. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Actual results may differ materially from those currently anticipated. The forward-looking statements contained herein are expressed qualified by this cautionary statement.
Members of Mainstreet's Board of Directors have reviewed this news release prior to distribution.
Additional information is available at:
www.mainst.biz
www.sedar.com