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Regal Lifestyle Communities announces completion $27 mln public offering of common shares


Thursday, 5 Jun 2014 08:30am EDT 

Regal Lifestyle Communities Inc:Completes public offering of common shares with a syndicate of underwriters, led by CIBC, on a bought deal basis.Total of 3,530,000 common shares were issued at a price of $7.65 per Common Share for total gross proceeds of about $27 mln.Grants 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.Net proceeds from the Offering will be used by the company to partially fund the purchase price for a portfolio of seven multi-unit retirement communities located in the Province of Qu├ębec.Expects to complete the acquisition of the acquisition Portfolio on or about June 6, 2014.Net proceeds of the Offering will be used by the company to fund future acquisitions and for general corporate purposes. 

Company Quote

8.94
-0.05 -0.56%
1:31pm EST