NexLiving Announces Closing of First Tranche of Private Placement OfferingDecember 01 2021
HALIFAX, NS, Dec. 1, 2021 /CNW/ - (TSXV: NXLV) NexLiving Communities Inc. ("NexLiving" or the "Company") is pleased to provide an update on the previously announced non-brokered private placement (the "Private Placement"). The Company has closed on the first of two tranches and has issued 17,250,000 common shares at a price of $0.20 for gross proceeds of $3,450,000. The Company expects to complete the second tranche within the next 45 days, which is expected to result in an additional $1,000,000 of proceeds at the same terms. Shares issued pursuant to the Private Placement are subject to a four-month hold period. Closing of the Private Placement is subject to a number of conditions, including the approval of the TSX Venture Exchange.
NexLiving intends to direct the proceeds towards debt repayment, general corporate purposes and potential future acquisitions. In connection with the first tranche of the Private Placement, the Company has paid a finder's fee of $30,000.
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, quality and convenience has led to the emergence of the 55+ active living segment. Apartments are their 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 by the Company (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.
SOURCE NexLiving Communities Inc.
For further information: Michael Anaka, Chief Executive Officer, 902-440-7579; Stavro Stathonikos, President,416-876-6617