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TORONTO, Aug. 25, 2016 /CNW/ - (TSXV: CHK.P) Campar Capital Corporation (the "Corporation"), a capital pool company listed on the TSX Venture Exchange (the "Exchange"), is pleased to announce that it has received conditional approval from the Exchange for the closing of its Qualifying Transaction, as defined under Exchange Policy 2.4 – Capital Pool Companies, and that it has filed a filing statement in connection with the Corporation's Qualifying Transaction (the "Filing Statement").
As previously announced, the Corporation's Qualifying Transaction involves the indirect acquisition of an approximate 80% interest in a 276-unit Class "A" apartment community located in San Antonio, Texas from arm's length sellers.
Assuming all conditions to closing are satisfied, the Corporation expects to close the Qualifying Transaction on or about September 30, 2016. Upon completion of the proposed Qualifying Transaction, the Corporation is expected to meet all of the minimum listing requirements for a Tier 2 Real Estate Issuer. The Filing Statement is available under the Corporation's profile on SEDAR at www.sedar.com.
About Campar Capital Corporation
The principal business of the Corporation is the identification and evaluation of assets or businesses with a view to completing a qualifying transaction. The Corporation has not commenced commercial operations and has no assets other than cash.
Cautions Regarding Future Plans and Forward Looking Information
This press release contains forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Examples of such statements include statements concerning the completion of the property acquisition and the timing of such completion. Accordingly, readers should not place undue reliance on forward-looking statements. The factors identified above are not intended to represent a complete list of the factors that could affect the Corporation.
Completion of the proposed transaction is subject to a number of conditions, including but not limited to, TSXV acceptance and if applicable pursuant to TSXV requirements, majority of the minority shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the Filing Statement to be prepared in connection with the transaction, any information released or received with respect to such transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.
The TSXV has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Campar Capital Corporation
For further information: please contact: Daniel Drimmer, President and Chief Executive Officer, at Tel: (416) 234-8444, [email protected], or Martin Liddell, Chief Financial Officer, at Tel: (416) 234-8444, [email protected]