TRADING SYMBOL: RLX and RLX.A (TSXV)
CALGARY, Dec. 15 /CNW/ - Realex Properties Corp. ("Realex") is pleased to announce that it has entered into an agreement to complete the previously announced private placement of common shares and non-voting shares to Mr. Tom Heslip as President and Chief Executive Officer of Realex. The previous announcement, made on April 15, 2009, had indicated that Mr. Heslip would be receiving a five year, interest-free loan in the amount of $200,000 for the purpose of purchasing shares of Realex, however, the transaction was not consummated at that time. Pursuant to an amended loan agreement, Realex has now agreed to grant Mr. Heslip a loan in the aggregate amount of $400,000 which will incur interest at a rate equal to the dividends payable on the shares purchased with the proceeds of such loan, for the five year term of the loan.
Subject to approval from the TSX Venture Exchange, Mr. Heslip has subsequently placed an irrevocable order to purchase $200,000 of common shares of Realex (395,648 common shares at $0.5055 per common share, which is the weighted average five day trading price per common share at close of markets on December 14, 2009) and $200,000 of non-voting shares of Realex (386,175 non-voting shares at $0.5179 per non-voting share, which is the weighted average five day trading price per non-voting share at close of markets on December 14, 2009). The common shares and the non-voting shares will be subject to a four-month hold expiring on or about April 17, 2010. Following completion of the private placement to Mr. Heslip, Realex will have an aggregate of 45,396,250 common shares and 114,336,161 non-voting shares outstanding.
The TSX Venture Exchange has neither approved nor disapproved the contents of this news 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 release.
This news release contains forward looking statements subject to various significant risks and uncertainties which may cause actual results, performances and achievements of Realex to be materially different from any future results, performances or achievements, expressed or implied by such forward looking statements. Realex cannot assure investors that actual results will be consistent with these forward looking statements and Realex assumes no obligation to update or revise them to reflect new events or circumstances.
SOURCE REALEX PROPERTIES CORP.
For further information: For further information: Mark Suchan, Chief Financial Officer, Realex Properties Corp., Telephone: (403) 206-3143, Facsimile: (403) 264-5892, Email: email@example.com