Offering finances acquisition of industrial properties in Ajax, Ont.
By Devika Patel
Knoxville, Tenn., May 1 - Edgefront Realty Corp. said it has arranged a C$45 million private placement of stock.
The company will sell 300 million common shares at C$0.15 apiece, which is a 7.14% premium to the April 30 closing share price of C$0.14.
Proceeds will be used to purchase a portfolio of industrial properties in Ajax, Ont., from Ajax Estates Holdings Ltd. for C$29.5 million.
The diversified real estate company is based in Toronto. The acquisition of the Ajax portfolio and the private placement are transactions relating to the conversion of Edgefront into a real estate investment trust with an external asset management structure.
| Issuer: | Edgefront Realty Corp.
|
| Issue: | Common shares
|
| Amount: | C$45 million
|
| Shares: | 300 million
|
| Price: | C$0.15
|
| Warrants: | No
|
| Pricing date: | May 1
|
| Stock symbol: | TSX Venture: ED
|
| Stock price: | C$0.14 at close April 30
|
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