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Regal Lifestyle Communities Inc acquires portfolio of seven multi-unit retirement communities


Tuesday, 20 May 2014 04:39pm EDT 

Regal Lifestyle Communities Inc:Acquires portfolio of seven multi-unit retirement communities located in the Province of Quebec from ELAD Genesis Limited Partnership.Acquires for purchase price of about $160 mln, subject to closing adjustments.Reaches an agreement with syndicate of underwriters, led by CIBC (the Underwriters), to issue to the public on a bought deal basis, 3,530,000 common shares at a price of $7.65 per Common Share, representing gross proceeds of about $27 mln.Company has also granted the Underwriters an over-allotment option to purchase up to an additional 529,500 Common Shares on the same terms and conditions, exercisable in whole or in part at any time, up to 30 days after the closing of the Offering.The net proceeds from this Offering will be used to pay a portion of the Purchase Price for the Acquisition Portfolio.The Offering is not conditional upon the acquisition of the Acquisition Portfolio.In the event that the Offering is completed but the acquisition of the Acquisition Portfolio is not completed, the net proceeds of the Offering will be used by the Company to fund future acquisitions and for general corporate purposes. 

Company Quote

8.83
0.06 +0.68%
30 Jan 2015