TORONTO, Aug. 27, 2019 /CNW/ - Park Lawn Company Limited (the "Company") (CSE Symbol: PRL) announced today that is cancelling the Normal Course Issuer Bid ("NCIB"). The company has repurchased 33,600 shares of the authorized 39,965 shares under the NCIB. All repurchased shares have been cancelled.
Further, the Company announced that its development partner, Mattamy Homes Inc., has reached a tentative agreement with the City of Toronto with respect to the development of the site at 57 Linelle Street. The plan provides for the development of 34 condominium townhouse units. The final approval of the development plan requires an Official Plan Amendment, Zoning Bylaw Amendment, and approval of a Draft Plan of Subdivision. Various studies must still be submitted by Mattamy including storm water management, noise abatement, off-site servicing upgrades and tree preservation studies.
About Park Lawn
In addition to its continued involvement in the development of the 57 Linelle Street site, Park Lawn Company Limited holds 37,092 shares of Park Lawn Corporation.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Park Lawn Company Limited
For further information: Frank Mills, President, Park Lawn Company Limited, Tel: (647) 933-9079