TORONTO, July 2, 2015 /CNW/ - InnVest Real Estate Investment Trust ("InnVest") (TSX:INN.UN) announced today that it has filed and obtained receipts for a final base shelf prospectus. The final base shelf prospectus was filed with securities regulatory authorities in each of the provinces and territories of Canada for the purposes of the sale of securities.
The final base shelf prospectus is valid for a 25-month period, during which time InnVest may offer trust units, debt securities, warrants and subscription receipts, or any combination thereof, having an aggregate offering price of up to $500 million. Securities may be sold from time to time in one or more transactions at fixed prices or non-fixed prices, such as prices determined by reference to the prevailing price of InnVest's securities in a specified market, at market prices prevailing at the time of sale, or at prices to be negotiated with purchasers, which prices may vary as between purchasers and during the period of distribution of any securities. Any issue of securities under the shelf prospectus will require the filing of a prospectus supplement that will include specific terms of the securities being offered. InnVest intends to use the net proceeds of any sales of securities for the direct or indirect financing of future growth opportunities, including acquisitions and capital expenditures and/or repayment of indebtedness.
This news release does not constitute an offer to sell securities, nor is it a solicitation of an offer to buy securities in any jurisdiction. This news release does not constitute an offer of securities for sale in the United States and the securities referred to in this news release may not be offered or sold in the United States absent a registration or an exemption from registration.
InnVest Real Estate Investment Trust is an unincorporated open-ended real estate investment trust which owns a portfolio of approximately 109 hotels across Canada representing over 15,000 guest rooms operated under internationally recognized brands. InnVest also holds a 50% interest in Choice Hotels Canada Inc., one of the largest franchisors of hotels in Canada.
InnVest's units and convertible debentures trade on the Toronto Stock Exchange (the "TSX") under the symbols INN.UN, INN.DB.E, INN.DB.F and INN.DB.G.
SOURCE InnVest Real Estate Investment Trust
For further information: Denise Achonu, Vice President, Finance, Tel: (416) 607-2333, Website: www.innvestreit.com