Halifax, Nova Scotia – January 21, 2019 – ViveRE Communities Inc. (TSX.V: VCOM) (the “Company”) continues to execute its plans to acquire recently built or refurbished, highly leased multi-residential properties in secondary markets across Canada. 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 forward to the carefree lifestyle provided through renting in a community of their peers. ViveRE Communities Inc. intends to consolidate this emerging market niche. After the acquisition of 41 Noel Avenue, Saint John, NB, 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. The Company intends to acquire in excess of 400 units in the coming twelve months.
Shares for Debt and Services
The company, in accordance with the terms of TSX Venture Exchange (“Exchange”) Policy 4.3 Shares for Debt, intends to issue 1,193,037 common shares of the Company at a deemed price of $0.12 per share to settle outstanding debt owed to non-arms length parties in the amount of $143,164.74 owed to various creditors of the Company for consulting fees for management services. This issuance of common shares for debt is subject to the approval of the TSX Venture Exchange, disinterested shareholder approval and any other required regulatory approval.
The Company also intends to issue 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”) up to the amount of $110,000 every three months in accordance with the provisions of Exchange Policy 4.3, article 5 – Shares for Services. The common shares for ongoing services will only be issued after the services are performed by the Consultants. The deemed price of the shares to be issued will be determined at the end of each three month period at market price after the services are provided by the Consultants. The first three month period will end on February 28, 2019. This issuance of common shares for services to the Consultants is subject to the approval of the TSX Venture Exchange, disinterested shareholder approval and any other required regulatory approval.
The Company also announces that it has granted 200,000 stock options to certain officers and directors of the Company at an exercise price of $0.12 with a term of 10 years.
On behalf of the Board of Directors of ViveRE Communities Inc.
Executive Vice President
For further information contact:
Executive Vice President
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
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 “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 future plans and objectives of ViveRE Communities Inc, are forward-looking statements that involve risks and uncertainties. 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.