By Sheri Kasprzak
New York, June 5 - InterRent International Properties Inc. completed an oversubscribed private placement for C$2,285,000.
The company issued 4.57 million units at C$0.50 each.
Each unit is comprised of one share and one half-share warrant. The whole warrants allow for the purchase of another share at C$0.60 each for the first year and C$0.75 for the remaining year.
The non-brokered offering priced on April 24 as a C$2 million deal comprised of 4 million units.
The proceeds will be used to repay C$1.1 million in outstanding 9% secured debentures, to complete the company's acquisition of a 63-unit apartment complex in Hamilton, Ont., to fund costs associated with the Silverstone Equities transaction, to fund capital costs associated with a water savings program and to make a deposit on a future acquisition.
InterRent, located in Toronto, is a real estate company focused on acquiring and operating multi-residential apartment complexes.
| Issuer: | InterRent International Properties Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$2,285,000
|
| Units: | 4.57 million
|
| Price: | C$0.50
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.60 for the first year; C$0.75 for the second year
|
| Placement agent: | Non-brokered
|
| Pricing date: | April 24
|
| Settlement date: | June 2
|
| Stock symbol: | TSX Venture: IIP
|
| Stock price: | C$0.48 at close April 24
|
| Stock price: | C$0.46 at close June 2
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