pcNewsWire – PRO Real Estate Investment Trust (TSX-V: PRV.UN) has completed previously announced offering of 9,687,100 units at $2.25 per unit for gross proceeds of $21,795,975.
The offering was conducted by a syndicate of underwriters, co-led by Canaccord Genuity Corp. and TD Securities Inc. as joint bookrunners and Scotia Capital Inc., and including Haywood Securities Inc., CIBC World Markets Inc., National Bank Financial Inc., BMO Nesbitt Burns Inc., Industrial Alliance Securities Inc., Laurentian Bank Securities Inc., Raymond James Ltd., and Leede Jones Gable Inc.
Proceeds will be used to partially fund announced and future acquisitions, to fund expansion and redevelopment initiatives at new and existing properties, to repay certain indebtedness and for general business and working capital purposes.
News Release
PROREIT COMPLETES $21.8 MILLION EQUITY OFFERING
PRO Real Estate Investment Trust (“PROREIT” or the “REIT”) (TSX VENTURE:PRV.UN) is pleased to announce the closing of its previously announced offering (the “Offering”) of trust units of the REIT (the “Units”) on a bought deal basis. Pursuant to the Offering, the REIT issued 9,687,100 Units at a price of $2.25 per Unit for total gross proceeds of $21,795,975, including 787,100 Units issued pursuant to the partial exercise of the over-allotment option.
The Offering was conducted through a syndicate of underwriters, co-led by Canaccord Genuity Corp. and TD Securities Inc. as joint bookrunners and Scotia Capital Inc., and including Haywood Securities Inc., CIBC World Markets Inc., National Bank Financial Inc., BMO Nesbitt Burns Inc., Industrial Alliance Securities Inc., Laurentian Bank Securities Inc., Raymond James Ltd., and Leede Jones Gable Inc.
The Units were issued pursuant to a short form prospectus dated June 7, 2017 filed with securities regulatory authorities in all provinces of Canada (the “Prospectus”). A copy of the Prospectus is available under the REIT’s profile on SEDAR at www.sedar.com.
The REIT intends to use the net proceeds from the Offering to partially fund announced and future acquisitions, to fund expansion and redevelopment initiatives at new and existing properties, to repay certain indebtedness and for general business and working capital purposes.
For more information on the Offering and PROREIT’s intended use of the net proceeds of the Offering, please refer to the Prospectus.
About PROREIT
PROREIT is an unincorporated open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. PROREIT was established in March 2013 to own a portfolio of diversified commercial real estate properties in Canada, with a focus on primary and secondary markets in Québec, Atlantic Canada and Ontario with selective expansion into Western Canada.
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For further information:
PRO Real Estate Investment Trust
James W. Beckerleg
President and Chief Executive Officer
514-933-9552
PRO Real Estate Investment Trust
Gordon G. Lawlor, CPA, CA
Chief Financial Officer
514-933-9552