Killam Properties plans C$15 million private placement of stock

By Sheri Kasprzak

New York, July 31 - Killam Properties Inc. said it intends to undertake a private placement for up to C$15 million.

The terms of the deal have not been determined.

The deal is being placed through a syndicate of agents led by Desjardins Securities Inc.

Proceeds will be used to reduce its acquisition bridge facility and fund future growth.

Killam, based in Halifax, N.S., is a real estate company and manages multi-family residential rental properties.

The company's stock gained 2 cents, or 0.84%, to end at C$2.40 (Toronto: KMP).

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