Offering is expected to fund working capital purposes and acquisitions
By Devika Patel
Knoxville, Tenn., Dec. 19 - Fronsac Real Estate Investment Trust said it completed a C$3.75 million private placement of units.
The company sold 11,718,750 units at C$0.32 per unit, a 10.35% premium to the Dec. 18 closing share price of C$0.29.
Insiders purchased 468,750 units for proceeds of C$150,000.
Proceeds will be used for working capital and property acquisitions.
The real estate investment trust is based in Saint-Jean-Baptiste, Quebec.
| Issuer: | Fronsac Real Estate Investment Trust
|
| Issue: | Units
|
| Amount: | C$3.75 million
|
| Units: | 11,718,750
|
| Price: | C$0.32
|
| Warrants: | No
|
| Settlement date: | Dec. 19
|
| Stock symbol: | TSX Venture: GAZ.UN
|
| Stock price: | C$0.29 at close Dec. 18
|
| Market capitalization: | C$5.95 million
|
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