C2C Industrial Properties Inc. announces completion of $22.0 million equity offering
29 Juli 2012 - 5:36AM
PR Newswire (Canada)
/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/ TORONTO, July 31, 2012 /CNW/ -
C2C Industrial Properties Inc. (the "Company") announced today that
it had successfully completed an offering of 4,835,200 common
shares of the Company at a price of $4.55 per common share on a
private placement basis for gross proceeds of $22,000,160 (the
"Offering"). The net proceeds of the Offering will be
primarily used to reduce certain short term indebtedness incurred
with the previously completed portfolio acquisition of seven
multi-tenant light industrial properties and to fund future
acquisitions. The offering was co-led by GMP Securities L.P. and
Desjardins Securities Inc. and the syndicate also included
Macquarie Capital Markets Canada Ltd. The common shares issued
under the Offering are subject to a four-month hold period expiring
December 1, 2012. Certain insiders of the Company purchased an
aggregate of 1,483,500 common shares under the Offering,
representing 30.7% of the total number of common shares issued
under the Offering. Following the completion of the Offering, these
parties will collectively have beneficial ownership of, or control
or direction over, common shares of the Company representing 25.9%
of the total number of outstanding shares of the Company
post-Offering. The participation of these insiders in the offering
constitutes a related party transaction under Canadian Multilateral
Instrument 61-101 ("MI 61-101"), but is otherwise exempt from the
formal valuation and minority approval requirements of MI 61-101.
With the completion of this Offering, the Company has approximately
17.1 million common shares outstanding and a market capitalization
of approximately $82 million, based on the Offering price. About
C2C Industrial Properties Inc. C2C is a real estate investment
corporation specializing in the acquisition, ownership and
operation of industrial properties across Canada. C2C owns
twenty-one industrial properties totalling approximately 2 million
square feet. More information about C2C is available at
www.sedar.com. Forward Looking Statements This document contains
forward-looking statements relating to C2C and the industry in
which it operates and its strategy, action plans and investments,
which may involve estimates, forecasts and projections. These
statements are not guarantees of future performance and involve
risks and uncertainties that are difficult to predict and/or are
beyond C2C's control. Consequently, readers should not place
any undue reliance on such forward-looking statements. These
forward-looking statements are made as of the date of this press
release. C2C is under no obligation to update any forward-looking
statements contained herein should material facts change due to new
information, future events or other factors, unless otherwise
required to do so by applicable law. All forward-looking statements
attributable to C2C are expressly qualified by these cautionary
statements. The TSX Venture Exchange has neither approved nor
disapproved the contents of this press release. 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.
C2C Industrial Properties Inc. CONTACT: C2C Industrial Properties
Inc.Christopher Ross, President(416)
646-7353cross@c2cip.comwww.c2cip.com
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