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TORONTO, June 24 /CNW/ - GT CANADA MEDICAL PROPERTIES INC. (the "Company") is pleased to announce that it intends to complete a non-brokered private placement of up to 1,851,851 common shares (the "Shares") in the capital of the Company at a price of $0.27 per Share, for targeted gross proceeds of up to $500,000.00.
The proceeds from the private placement will be used for the purposes of sourcing acquisitions, conducting due diligence and general working capital.
The Company may, in its sole discretion but subject to the policies of the TSX Venture Exchange, pay a finder's fee in connection with placements under the proposed offering consisting of (i) a cash fee in an amount of up to 6.0% of the proceeds raised by the finder as part of this offering of Shares, and (ii) a number of warrants, entitling the holder thereof to purchase that number of common shares that is equal to 5.0% of the number of Shares placed through the finder as part of the proposed offering, for a period of 12 months from the date of issuance.
The Company may determine in its discretion to include additional common shares in the private placement on the same terms.
This news release contains "forward-looking statements" within the meaning of applicable securities laws relating to the completion of the proposed private placement. Readers are cautioned not to place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the risk that GT Canada Medical Properties Inc. may not receive approval from the TSX Venture Exchange. The statements in this news release are made as of the date of this release.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed private placement and has neither approved nor disapproved of the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
SOURCE GT CANADA MEDICAL PROPERTIES INC.
For further information: For further information: Andrew Shapack, Chief Executive Officer, GT Canada Medical Properties Inc., (416) 572-2170