New York, July 31 - Artis Real Estate Investment Trust said it completed a C$5 million private placement of trust units on Friday.
The non-brokered offering was made up of 555,555 units sold at C$9.00 each.
A hold period of four months and one day applies to the new units.
Artis will use C$2 million of the proceeds to repay short-term debt. The remaining C$3 million will be used to repay part of the company's outstanding series D debenture, a use agreed with the investor that bought the new units.
Artis is a Winnipeg, Man., real estate investment trust focused on commercial properties located in western Canada.
| Issuer: | Artis Real Estate Investment Trust
|
| Issue: | Trust units
|
| Amount: | C$5 million
|
| Units: | 555,555
|
| Price: | C$9.00
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Settlement date: | July 31
|
| Stock symbol: | TSX: AX
|
| Stock price: | C$8.05 at close July 31
|
| Market capitalization: | C$265.43 million
|
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