HALIFAX, Aug. 1, 2019 /CNW/ - ViveRE Communities Inc. (TSXV: VCOM) ("ViveRE" or the "Company") provides the following business update.
ViveRE's plan to acquire recently built or refurbished, highly leased multi-residential properties in bedroom communities across Canada continues to advance. The Company aims to satisfy the needs of the newly emerging 55+ resident. The demographic that has changed the world is now changing the way residential rental apartments cater to their requirements. Their desire for community, along with service and convenience amenities has led to the emergence of the Naturally Occurring Retirement Community or "NORC". Apartments are the next "home", after years of owning they look to the carefree lifestyle provided through renting in a community of their peers. ViveRE Communities Inc. intends to consolidate this emerging market niche across the Country. After the acquisitions of 41 and 50 Noel Avenue, Saint John, New Brunswick, the Company has developed a robust pipeline of qualified properties for potential acquisition. Screening properties identified to match the criteria set out in the Company business plan (proximity to healthcare, amenities, services and shopping), management has identified a number of attractive targets for consideration by the Board. 41 and 50 Noel Avenue, Saint John, NB, totalling 73 units, continue to be fully leased and are performing to expectations. The Company intends to acquire in excess of 400 units in the coming twelve months.
In accordance with the terms of ViveRE's outstanding 12% Convertible Debentures, the Company intends to settle $19,660.24 of interest payable for the three month period ending July 31, 2019, with the issuance of 127,661 common shares at a deemed price per share of $0.154. The issuance of the common shares is subject to receipt of final Exchange approval.
ViveRE also announces that it is issuing an aggregate of 333,331 common shares of the Company to a number of officers, directors and consultants for ongoing services pursuant to consulting agreements between the Company and each of Trimaven Capital Advisors, Dr. Brian Ramjattan, THLA Services Ltd and Aconi Financial Corp Ltd (the "Consultants") in the amount of $73,333.33 for the two months ended July 31, 2019 in accordance with the provisions of Exchange Policy 4.3 – Shares for Services. The deemed price of these common shares is $0.22. The Company received disinterested shareholder approval for the Shares for Debt transaction at its Annual and Special Meeting of Shareholders on May 31, 2019. The issuance of the shares is subject to receipt of final Exchange approval.
About ViveRE Communities Inc.
ViveRE is a real estate acquisition and ownership company, focused on recently built or recently refurbished, highly leased multi-residential properties in bedroom communities across Canada. The Company aims to satisfy the needs of the newly emerging 55+ resident. This demographic is changing the way residential rental apartments cater to their requirements. Their desire for community, along with services and convenience amenities, has led to the emergence of the Naturally Occurring Retirement Community or "NORC". Apartments are the next "home", after years of owning they look to the carefree lifestyle provided through renting in a community of their peers. ViveRE intends to consolidate this emerging market niche across the country.
This news release contains forward-looking statements relating to the future operations of ViveRE and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "aims", "intends", "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the Acquisition, the Offering, the receipt of requested TSXV and securities regulatory approvals, and the future plans and objectives of ViveRE Communities Inc, are forward-looking statements that involve risks and uncertainties, and are necessarily based on a number of assumptions that, while considered reasonable by management, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from ViveRE Communities Inc.'s expectations include other risks detailed from time to time in the filings made by ViveRE Communities Inc. with securities regulators.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of ViveRE Communities Inc. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and ViveRE Communities Inc. will only update or revise publicly the included forward-looking statements as expressly required by Canadian securities law.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.
SOURCE ViveRE Communities Inc.
For further information: Michael Anaka, Chief Executive Officer, 902-440-7579