WINNIPEG, May 7, 2013 /CNW/ - Temple Hotels Inc. ("Temple") (TSX: TPH)
announces that it has received subscriptions for a non-brokered private
placement (the "Private Placement") of 1,448,495 common shares in the
capital of the Company (the "Common Shares") with certain institutional
investors at a price of $5.40 per Common Share for total gross proceeds
Closing of the Private Placement is expected to occur on or about May 8,
2013 or such other date as the Company may determine, and is subject to
certain conditions including, but not limited to, the receipt of all
necessary approvals including the approval of the TSX (the "Exchange").
The Common Shares issued pursuant to the Private Placement will be
subject to resale restrictions imposed by applicable securities laws
and the policies of the Exchange.
The Company intends to use the proceeds from the Private Placement for
acquisitions and/or for general corporate purposes.
In connection with the Private Placement, the Company may pay eligible
persons a finder's fee of 3% of the gross proceeds.
Temple is a real estate investment company listed on the Toronto Stock
Exchange under the symbols TPH (shares), TPH.DB.C, TPH.DB.D, TPH.DB.E
and TPH.DB.F (convertible debentures). The objective of Temple is to
provide shareholders with stable cash dividends from investment in a
diversified portfolio of hotel properties and related assets. For
further information on Temple, please visit our website at www.templehotels.ca.
The TSX has not reviewed or approved the contents of this press release
and neither accepts responsibility for the adequacy or accuracy of this
SOURCE: Temple Hotels Inc.
For further information:
Arni Thorsteinson, Chief Executive Officer, or Gino Romagnoli, Investor Relations
Tel: (204) 475-9090, Fax: (204) 452-5505, Email: email@example.com