|By Marketwired .||
|March 21, 2014 09:08 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 03/22/14 -- CHC Realty Capital Corp. ("CHC" or the "Company") (TSX VENTURE:CHC.P), a capital pool company listed on the TSX Venture Exchange ("TSXV"), is pleased to announce that it has received conditional approval from the TSXV for the closing of its Qualifying Transaction, as defined under Exchange Policy 2.4 - Capital Pool Companies, and that further to its press release dated January 9, 2014 (the "QT Press Release"), it has filed a filing statement in connection with the Company's Qualifying Transaction (the "Filing Statement").
As previously announced, the Company's Qualifying Transaction involves the acquisition of the "Liberty Terrace" student housing property located at 335 Barrie Street in Kingston, Ontario (the "Property").
Assuming all conditions to closing are satisfied, the Company expects to close the Qualifying Transaction on or about April 1, 2014. Upon completion of the proposed Qualifying Transaction, the Company is expected to meet all of the minimum listing requirements for a Tier 2 Real Estate Issuer. The Filing Statement is available under the Company's profile on SEDAR at www.sedar.com.
The Completion of the Qualifying Transaction is intended to form part of a series of transactions which will result in CHC carrying on business as an owner and operator of student housing properties located in Canada with an internalized executive management platform and, at an appropriate time, the effective conversion of CHC into a real estate investment trust focused on student housing, subject to receipt of all necessary approvals, including that of the TSXV.
CHC Realty Capital Corp.
CHC is currently designated as a capital pool company by the TSXV. The Company has not commenced commercial operations and has no assets other than cash. Upon completion of its Qualifying Transaction, CHC intends to carry on business as an owner and operator of student housing properties located in Canada with an internalized executive management platform. At an appropriate time in the future, CHC intends to convert into and carry on such business as a real estate investment trust.
Forward-Looking Information and Future Plans
This press release contains forward-looking information within the meaning of Canadian securities laws. Such information includes, without limitation, information regarding the completion of the proposed transaction and the business strategies of CHC. Although CHC believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct. Forward looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. CHC cautions investors that any forward-looking information provided by CHC is not a guarantee of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to: CHC's ability to complete the proposed transaction; the state of the real estate sector in the event the proposed transaction is completed; recent market volatility; CHC's ability to secure the necessary mortgage financing or to be fully able to implement its business strategies and other risks and factors that CHC is unaware of at this time. The reader is referred to CHC's initial public offering prospectus, the Filing Statement and other continuous disclosure documents for a more complete discussion of risk factors relating to CHC and their potential effects, copies of which may be accessed through CHC's profile on SEDAR at www.sedar.com.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there by any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Completion of the Qualifying Transaction is subject to a number of conditions, including but not limited to, final TSXV acceptance. There can be no assurance that the Qualifying Transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the Filing Statement in connection with the Qualifying Transaction, any information released or received with respect to such transaction may not be accurate or complete and should not be relied upon. Trading in the securities of CHC should be considered highly speculative.
The TSXV has in no way passed upon the merits of the Qualifying Transaction and has neither approved nor disapproved the contents of this press release.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
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