TSX Venture Exchange Trading
TORONTO, Aug. 9, 2019 /CNW/ - Sun Residential Real Estate Investment Trust ("Sun"), a capital pool company pursuant to Policy 2.4 of the TSX Venture Exchange ("TSX-V"), is pleased to announce that on August 9, 2019 it completed its initial public offering of 5,000,000 trust units ( "IPO") issued at a price of $0.10 per unit pursuant to an amended and restated prospectus dated July 26, 2019 and a concurrent private placement of 40,000,000 trust units issued at $0.10 per unit resulting in aggregate gross proceeds to Sun of $4,500,000. The 40,000,000 trust units issued pursuant to the private placement are subject to a four month and one day statutory hold period.
A cash commission of 8% of the gross proceeds of the IPO was paid to Sun's agent, Raymond James Ltd.
Sun will use the net proceeds from the IPO and private placement, together with the proceeds from prior sales of trust units, for examination and possible participation in, or acquisition of, assets or businesses to complete a "Qualifying Transaction" under the capital pool company program of the TSX-V.
As a result of this issuance, Sun has 55,000,000 units issued and outstanding, of which 39,540,000 units have been placed in escrow. Sun's trust units were listed for trading on the TSX-V under the trading symbol "SRES.P" on August 9, 2019 and are expected to commence trading at the market open on August 9, 2019.
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward- looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Forward-looking statements in this news release include, but are not limited to, the ability of Sun to complete a qualifying transaction. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although Sun believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, Sun disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
Neither TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this news release.
SOURCE Sun Residential Real Estate Investment Trust
For further information: Gordon Wiebe, Chief Executive Officer, Telephone: (403) 923-4343, [email protected]