/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
TORONTO, July 31, 2012 /CNW/ - C2C Industrial Properties Inc. (the
"Company") (TSX-V: CCH) announced today that it had successfully
completed an offering of 4,835,200 common shares of the Company at a
price of $4.55 per common share on a private placement basis for gross
proceeds of $22,000,160 (the "Offering"). The net proceeds of the
Offering will be primarily used to reduce certain short term
indebtedness incurred with the previously completed portfolio
acquisition of seven multi-tenant light industrial properties and to
fund future acquisitions.
The offering was co-led by GMP Securities L.P. and Desjardins Securities
Inc. and the syndicate also included Macquarie Capital Markets Canada
The common shares issued under the Offering are subject to a four-month
hold period expiring December 1, 2012.
Certain insiders of the Company purchased an aggregate of 1,483,500
common shares under the Offering, representing 30.7% of the total
number of common shares issued under the Offering. Following the
completion of the Offering, these parties will collectively have
beneficial ownership of, or control or direction over, common shares of
the Company representing 25.9% of the total number of outstanding
shares of the Company post-Offering.
The participation of these insiders in the offering constitutes a
related party transaction under Canadian Multilateral Instrument 61-101
("MI 61-101"), but is otherwise exempt from the formal valuation and
minority approval requirements of MI 61-101.
With the completion of this Offering, the Company has approximately 17.1
million common shares outstanding and a market capitalization of
approximately $82 million, based on the Offering price.
About C2C Industrial Properties Inc.
C2C is a real estate investment corporation specializing in the
acquisition, ownership and operation of industrial properties across
Canada. C2C owns twenty-one industrial properties totalling
approximately 2 million square feet. More information about C2C
(TSX-V:CCH) is available at www.sedar.com.
Forward Looking Statements
This document contains forward-looking statements relating to C2C and
the industry in which it operates and its strategy, action plans and
investments, which may involve estimates, forecasts and projections.
These statements are not guarantees of future performance and involve
risks and uncertainties that are difficult to predict and/or are beyond
C2C's control. Consequently, readers should not place any undue
reliance on such forward-looking statements. These forward-looking
statements are made as of the date of this press release. C2C is under
no obligation to update any forward-looking statements contained herein
should material facts change due to new information, future events or
other factors, unless otherwise required to do so by applicable law.
All forward-looking statements attributable to C2C are expressly
qualified by these cautionary statements.
The TSX Venture Exchange has neither approved nor disapproved the
contents of this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this press
SOURCE: C2C Industrial Properties Inc.
For further information:
C2C Industrial Properties Inc.
Christopher Ross, President