Lanesborough to sell up to C$16 million of 9% second mortgage bonds

By Susanna Moon

Chicago, Nov. 29 - Lanesborough Real Estate Investment Trust said it will issue between C$7 million and C$16 million of units of C$1,000 principal amount of five-year 9% second mortgage bonds and 1,000 trust unit purchase warrants.

The offering is being made on a commercially reasonable best efforts basis by Wellington West Capital Inc.

The Winnipeg, Man.-based REIT said it will use about C$2.63 million from the offering to repay the balance of its five-year 9% second mortgage bond due March 15, 2015.

Lanesborough has applied to the Toronto Stock Exchange for approval to list the bonds, the warrants and the trust units issuable upon the exercise of the warrants.

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