Deal conducted by Dundee to fund acquisitions of investment properties
By Devika Patel
Knoxville, Tenn., April 24 – Nobel Real Estate Investment Trust said it arranged a C$12 million private placement of units with a 15% greenshoe on Thursday. Dundee Securities Ltd. is the lead agent.
The company will sell 15 million units of one trust unit and one tenth of a trust unit warrant at C$0.80 per unit.
Each whole trust unit warrant will be exercisable at C$1.00 for five years. The strike price is a 53.85% premium to C$0.65, the April 23 closing share price.
Settlement is expected May 28.
Proceeds will be used to acquire investment properties in the Montreal area and for general working capital purposes.
The REIT is based in Montreal.
| Issuer: | Nobel Real Estate Investment Trust
|
| Issue: | Units of one trust unit and one tenth of a trust unit warrant
|
| Amount: | C$12 million
|
| Greenshoe: | 15%
|
| Units: | 15 million
|
| Price: | C$0.80
|
| Warrants: | One tenth of a trust unit warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$1.00
|
| Agent: | Dundee Securities Ltd. (lead)
|
| Pricing date: | April 23
|
| Settlement date: | May 28
|
| Stock symbol: | TSX Venture: NEL.UN
|
| Stock price: | C$0.65 at close April 23
|
| Market capitalization: | C$19.76 million
|
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