/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
VANCOUVER, April 7, 2016 /CNW/ - Sunstone Opportunity Fund (2005) Limited Partnership ("Sunstone (2005) LP") and SRAI Capital Corp. ("SRAI"), a subsidiary of Knightswood Financial Corp., is pleased to announce that they have successfully completed the disposition of its 50% interest in Pickering Ridge for a total sale price of $30.75 million less standard closing costs and adjustments.
The 50% interest in the Pickering property and adjacent vacant land was originally acquired in 2006 in three stages for a total purchase price of $22,250,000 plus standard closing costs and adjustments.
The net proceeds from the sale of Pickering will be used to repay the outstanding principal balance of the SRAI Capital Corp. Series C Debentures in full. The current principal balance is $7,200,000.
Intention to Terminate and Dissolve the SRAI Capital Corp. Series C Debenture:
SRAI expects to provide notice of its intention to terminate and dissolve the SRAI Capital Corp. Series C Debentures to The Canadian Depository for Securities Limited ("CDS") in due course, and expects to complete the dissolution in 2016. The notice shall, among other things, further specify the termination date and the location at which CDS is to surrender the certificates representing the Series C Debentures for cancellation.
The Sunstone Opportunity Fund (2005) Limited Partnership continues to own a fifty percent ownership in the Northumberland Mall in Cobourg, Ontario.
This news release is intended for distribution in Canada only and is not intended for distribution to United States newswire services or dissemination in the United States. The securities referred to herein have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, United States persons absent United States registration or an applicable exemption from the United States registration requirements. This release does not constitute an offer for sale of securities in the United States.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Certain statements contained in this news release may constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "plan", "expect", "may", "will", "intend", "should" and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Forward looking statements in this news release include the following: (i) the Trust's expectation to provide notice of its intention to terminate and dissolve; (ii) the final termination and dissolution date; and (iii) the contents of the notice of the Trust's intention to terminate.
The forward-looking statements contained in this news release are based on certain key expectations and assumptions made by the Trust. Although the Trust believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Trust can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks.
The forward-looking statements contained in this news release represent the Trust's expectations as of the date hereof, and are subject to change after such date. The Trust disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable laws.
SOURCE Sunstone Opportunity Fund (2005) Limited Partnership
For further information: please contact: Andrew Greig, Director of Business Development; Sunstone Opportunity Fund (2005) Limited Partnership, SRAI Capital Corp., Suite 910, 925 West Georgia Street, Vancouver, BC V6C 3L2, Phone: (604) 681-5959 or (888) 681-5959, E-mail: email@example.com