Lakeview Hotel Real Estate Investment Trust announces terms for the previously announced public offering of convertible debentures


    WINNIPEG, June 12 /CNW/ - Lakeview Hotel Real Estate Investment Trust
("Lakeview REIT") announced today that it has determined the terms of the
previously announced offering (the "Offering") of 5-Year Series C Convertible
Redeemable Debentures (the "Debentures"). The Offering is being placed on a
best efforts basis by a syndicate led by Wellington West Capital Inc., and
includes Westwind Partners Inc., Blackmont Capital Inc., TD Securities Inc.,
and Desjardins Securities Inc. (collectively the "Agents") pursuant to a
preliminary short form prospectus dated May 29, 2007.
    A minimum of 5,000 and up to a maximum of 18,000 Debentures will be
issued, each having a principal amount of $1,000, for total aggregate
principal in the minimum amount of $5,000,000 and up to a maximum amount of
$18,000,000. The Debentures will bear interest at a rate of 6.5% per annum,
with semi-annual interest payments, and will mature on June 30, 2012. At the
option of the holder, the Debentures will be convertible into Class A Units of
Lakeview REIT at any time prior to the maturity date at a conversion price of
$5.55 per Class A Unit, subject to the provisions of the trust indenture
governing the Debentures. The other material terms of the Debentures,
including the right of Lakeview REIT to redeem the Debentures and to satisfy
its obligations upon the redemption or maturity of the Debentures through the
issuance of Units, are described in the preliminary short form prospectus.
    The TSX Venture Exchange (the "Exchange") has conditionally approved the
listing of the Debentures sold pursuant to the Offering and the additional
Units issuable upon conversion of the Debentures. Listing is subject to
Lakeview REIT satisfying all requirements of the Exchange.
    Lakeview REIT intends to use the proceeds of the Offering to fund future
acquisitions of income producing properties, and for working capital and
general purposes.

    Lakeview REIT is a real estate investment trust, which is listed on the
TSX Venture Exchange under the symbol "LHR.UN". Lakeview REIT receives income
from ownership, management and licensing of hotel properties. Lakeview REIT's
objective is to provide Unitholders with stable and growing cash distributions
through an investment in an expanding portfolio of hotel properties across
Canada. For further information on Lakeview REIT please visit our new website

    The TSX Venture Exchange has not reviewed or approved the contents of
    this press release and does not accept responsibility for the adequacy or
    accuracy of its contents.
    %SEDAR: 00020441E

For further information:

For further information: Avrum Senensky, Investor Relations, Tel: (204)
947-1161, Fax: (204) 957-1697, Email

Organization Profile

Lakeview Hotel Real Estate Investment Trust

More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890