/NOT FOR DISSEMINATION IN THE UNITED STATES OR DISTRIBUTION THROUGH UNITED STATES NEWS OR WIRE SERVICES/
CALGARY, Nov. 25, 2014 /CNW/ - Edgefront Real Estate Investment Trust (the "REIT") (TSXV:ED.UN) announced today that it has completed a units for debt transaction to pay the outstanding retainer fees for the independent trustees in units of the REIT ("Trust Units"). The REIT issued 31,730 Trust Units at a price of $1.95 per Trust Unit to settle an aggregate of $61,875 in debt. The Trust Units are subject to a four month hold period expiring on March 25, 2015.
The transaction constitutes a related party transaction pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The REIT is exempt from the formal valuation and minority approval requirements of MI 61-101 in reliance on Section 5.5(b) and Section 5.7(a), respectively, of MI 61-101.
The issuance of Trust Units as payment for the retainer fees was consented to by a majority of disinterested unitholders of the REIT and was approved by the TSX Venture Exchange.
About the REIT
Edgefront REIT is a growth oriented real estate investment trust focused on increasing unitholder value through the acquisition, ownership and management of industrial properties located in primary and secondary markets in North America, with an initial focus on Western Canada. Edgefront REIT currently owns a portfolio of 15 properties comprising approximately 748,000 square feet of rentable area.
The REIT has approximately 28,454,388 units issued and outstanding. Additionally, there are 360,000 Class B LP units of Edgefront Limited Partnership issued and outstanding.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Edgefront Real Estate Investment Trust
For further information: Please contact Kelly C. Hanczyk, President and CEO at (403) 817-9497 or Rob Chiasson, CFO at (403) 817-9496