Edgefront Realty Corp. extends due diligence completion deadline on $43M of property acquisitions
28 Jun, 2013, 17:24 ET
Shareholders meeting adjourned to later date
TORONTO, June 28, 2013 /CNW/ - Edgefront Realty Corp. ("Edgefront" or the "Corporation") (TSXV: ED) announces today that it and the vendors of the Ajax properties (the "Ajax Properties") and the Cambridge/Oakville properties (the "Chairman Properties") have agreed to extend the due diligence completion deadlines under the purchase agreements respecting such properties. As previously announced, Edgefront has entered into purchase agreements to acquire the Ajax Properties and the Chairman Properties for total purchase prices of $29.5 million and $13.75 million, respectively. Edgefront has however opted not to proceed with the previously announced acquisition of the three properties located in Nova Scotia and has terminated the purchase agreements respecting such properties.
In addition, the special meeting of Edgefront shareholders held on June 14th was adjourned until a later date to be determined by the board. Edgefront shareholders will be notified of the new date for such special shareholders meeting once it has been determined as well as any new developments on the proposed acquisition of the Ajax Properties and the Chairman Properties and other future property acquisitions, and any necessary financing to complete all such acquisitions.
Edgefront is a growth oriented, diversified real estate company focused on increasing shareholder value through the acquisition, ownership and management of commercial real estate assets initially located in secondary markets. It is the intention of Edgefront to expand its business of purchasing, owning and operating real estate assets and to raise funds in the marketplace in order to convert Edgefront into a real estate investment trust having an external asset management structure, subject to receipt of all necessary approvals, including that of the TSXV.
Completion of Arrangement remains subject to TSXV approval. There can be no assurance that the Arrangement will be completed as proposed or at all.
The TSXV has in no way passed upon the merits of the Arrangement 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 the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking information within the meaning of Canadian securities laws. Such information includes, without limitation, information regarding the completion of the Arrangement. Although Edgefront believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct. In particular, this news release contains forward-looking information relating to the expected completion of the Arrangement and the business strategies of Edgefront.
Forward looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. Edgefront cautions investors that any forward-looking information provided by Edgefront is not a guarantee of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to: Edgefront's ability to complete the Arrangement; the state of the real estate sector in the event the Arrangement is completed; recent market volatility; Edgefront's ability to secure the necessary financing or to be fully able to implement its business strategies and other risks and factors that Edgefront is unaware of at this time. The reader is referred to Edgefront's Information Circular for a more complete discussion of risk factors relating to Edgefront and their potential effects, a copy of which may be accessed through Edgefront's page on SEDAR at www.sedar.com.
SOURCE: Edgefront Realty Corp.
For further information:
please contact Kelly C. Hanczyk at (416) 906-2379.
Share this article