HALIFAX, March 23, 2020 /CNW/ - Denis Arsenault ("Denis") announced today that he has acquired ownership of securities of ViveRE Communities Inc. (TSXV: VCOM) ("ViveRE"), with its head office at 1969 Upper Water Street, Suite 2108, Halifax, Nova Scotia, B3J 3R7, for an aggregate purchase price of $3,500,000.
The securities were purchased in connection with the sale of certain real estate properties by Denaco Group Ltd., a company controlled by Denis, to the Issuer, and were acquired for investment purposes. Denis acquired ownership of 7,291,666 common shares, representing approximately 10.83% of the common shares issued and outstanding, 7,000,000 common share purchase warrants, which, if exercised, represent approximately 9.42% of the common shares issued and outstanding and a debenture in the principal amount of $1,750,000, which, if converted, represent approximately 8.78% of the common shares issued and outstanding. Each warrant entitles the holder to acquire one common share of ViveRE for $0.27 at any time up to March 16, 2023.
Denis' joint actor, Denaco Group Ltd., acquired 2,083,333 Common Shares as part of the transaction, representing approximately 3.09% of the common shares issued and outstanding. Immediately before the acquisition, Denis and his joint actors did not own any securities of ViveRE.
Denis and Denaco Group Ltd. may, from time to time, increase or decrease their respective holdings of common shares of ViveRE, depending on market and other conditions.
SOURCE ViveRE Communities Inc.
For further information: Further details on the information above concerning Denis may be obtained from the Early Warning Report filed on SEDAR or by contacting Denis Arsenault at 1-514-928-7464.