NexLiving Announces Amendment to the Convertible Debentures Maturing September 30, 2021September 15 2021
HALIFAX, NS, Sept. 15, 2021 /CNW/ - NexLiving Communities Inc. (TSXV: NXLV) ("NexLiving" or the "Company") announced today that it will be amending the terms of its September 2019 convertible debentures, due September 30, 2021 (the "Debentures"), to reflect a $0.20 conversion price and an agreement by Debenture holders to convert their Debentures into equity as part of the amendment.
"This amendment allows the Company to effectively repay the convertible debenture by issuing equity in-line with market, allowing us to use our existing liquidity to capitalize on our growing pipeline of attractive acquisition opportunities." said Mike Anaka, CEO of NexLiving.
All other terms of the Debentures will remain the same. The holders of the Debentures that have agreed to the amendment and the Company will enter into a debenture amending agreement addressing the amended conversion price.
The amendment of the Debentures has been approved by the TSX Venture Exchange.
About the Company
NexLiving continues to execute its plans to acquire recently built or refurbished, highly leased multi-residential properties in bedroom communities 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 55+ active living segment. 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. NexLiving intends to consolidate this emerging market niche. The Company currently owns 549 units in New Brunswick and Ontario. NexLiving has also developed a robust pipeline of qualified properties for potential acquisition. By screening the properties identified to match the criteria set out in the Company business plan (proximity to healthcare, amenities, services and recreation), management has assembled a significant pipeline of potential acquisitions for consideration by the Company's Board of Directors.
This news release contains forward-looking statements relating to the future operations of NexLiving 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 NexLIving 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 NexLiving Communities Inc.'s expectations include other risks detailed from time to time in the filings made by NexLiving 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 NexLiving 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 NexLiving Communities Inc. will only update or revise publicly the included forward-looking statements as expressly required by Canadian securities law.
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.
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Chief Executive Officer