WINNIPEG, May 7, 2013 /CNW/ - Temple Hotels Inc. ("Temple") (TSX: TPH) announces that it has received subscriptions for a non-brokered private placement (the "Private Placement") of 1,448,495 common shares in the capital of the Company (the "Common Shares") with certain institutional investors at a price of $5.40 per Common Share for total gross proceeds of $7,821,873.
Closing of the Private Placement is expected to occur on or about May 8, 2013 or such other date as the Company may determine, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX (the "Exchange"). The Common Shares issued pursuant to the Private Placement will be subject to resale restrictions imposed by applicable securities laws and the policies of the Exchange.
The Company intends to use the proceeds from the Private Placement for acquisitions and/or for general corporate purposes.
In connection with the Private Placement, the Company may pay eligible persons a finder's fee of 3% of the gross proceeds.
Temple is a real estate investment company listed on the Toronto Stock Exchange under the symbols TPH (shares), TPH.DB.C, TPH.DB.D, TPH.DB.E and TPH.DB.F (convertible debentures). The objective of Temple is to provide shareholders with stable cash dividends from investment in a diversified portfolio of hotel properties and related assets. For further information on Temple, please visit our website at www.templehotels.ca.
The TSX has not reviewed or approved the contents of this press release and neither accepts responsibility for the adequacy or accuracy of this press release.
SOURCE: Temple Hotels Inc.
For further information:
Arni Thorsteinson, Chief Executive Officer, or Gino Romagnoli, Investor Relations
Tel: (204) 475-9090, Fax: (204) 452-5505, Email: email@example.com