TORONTO, April 21, 2022 /CNW/ - True North Commercial Real
Estate Investment Trust (TSX: TNT.UN) (the "REIT") today
announced that the REIT has established an at-the-market equity
program (the "ATM Program") that allows the REIT to issue
and sell up to $50 million of trust
units of the REIT (the "Units") to the public, from time to
time, at the REIT's discretion. Units sold under the ATM Program
will be sold through the Toronto Stock Exchange or on other
marketplaces to the extent permitted at the prevailing market
prices at the time of sale. The REIT intends to use the net
proceeds from the ATM Program, if any, to fund potential future
acquisitions and for general trust purposes.
Distributions of the Units pursuant to the ATM Program, if any,
will be made pursuant to the terms of an equity distribution
agreement dated April 21, 2022 (the
"Distribution Agreement") between the REIT and CIBC Capital
Markets, as agent (the "Agent"). The ATM Program is being
established pursuant to a prospectus supplement dated April 21, 2022 (the "Prospectus
Supplement") to the REIT's short form base shelf prospectus
dated February 17, 2022 (the "Base
Shelf Prospectus"). As the Units sold pursuant to the ATM
Program will be issued and sold at prevailing market prices at the
time of sale, prices may vary among purchasers during the period of
distribution.
The ATM Program will terminate upon the earlier of: (i) the
issuance and sale of all Units subject to the Distribution
Agreement through the Agent on the terms and subject to the
conditions of the Distribution Agreement; (ii) the receipt issued
for the Base Shelf Prospectus ceasing to be effective in accordance
with applicable securities laws; and (iii) termination of the
Distribution Agreement in accordance with its terms.
Copies of the Distribution Agreement, the Prospectus Supplement
and the Base Shelf Prospectus will be available on the REIT's SEDAR
profile at www.sedar.com. Alternatively, the Agent will send copies
of the Distribution Agreement, the Prospectus Supplement and the
Base Shelf Prospectus, upon request only, by contacting the Agent
at CIBC World Markets Inc., 161 Bay Street, 7th Floor, P.O. Box
500, Toronto, Ontario, M5J
2S8.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such jurisdiction.
About the REIT
The REIT is an unincorporated, open-ended real estate investment
trust established under the laws of the Province of Ontario. The REIT currently owns and operates
a portfolio of 46 properties consisting of approximately 4.8
million square feet in urban and select strategic secondary markets
across Canada. The REIT is focused
on growing its portfolio principally through acquisitions across
Canada and such other
jurisdictions where opportunities exist.
For more information regarding the REIT, please visit
www.sedar.com or the REIT's website at www.truenorthreit.com.
Forward-looking Statements
Certain statements contained in this press release constitute
forward-looking information within the meaning of Canadian
securities laws. Forward-looking statements are provided for the
purposes of assisting the reader in understanding the REIT's
financial performance, financial position and cash flows as at and
for the periods ended on certain dates and to present information
about management's current expectations and plans relating to the
future. Readers are cautioned that such statements may not be
appropriate for other purposes. Forward-looking information may
relate to future results, performance, achievements, events,
prospects or opportunities for the REIT or the real estate industry
and may include statements regarding the financial position,
business strategy, the REIT's ATM Program and the intended use of
proceeds from such program, taxes, plans and objectives of or
involving the REIT. In some cases, forward-looking information can
be identified by such terms as "may", "might", "will", "could",
"should", "would", "expect", "plan", "anticipate", "believe",
"intend", "seek", "aim", "estimate", "target", "goal", "project",
"predict", "forecast", "potential", "continue", "likely", or the
negative thereof or other similar expressions suggesting future
outcomes or events.
Forward-looking statements involve a number of risks and
uncertainties, including statements regarding the outlook for the
REIT's business and results of operations and the effect of the
coronavirus (SARS- CoV-2) ("COVID-19") pandemic on the
REIT's business and operations. Forward-looking statements involve
known and unknown risks and uncertainties, which may be general or
specific and which give rise to the possibility that expectations,
forecasts, predictions, projections or conclusions will not prove
to be accurate, assumptions may not be correct and objectives,
strategic goals and priorities may not be achieved. A variety of
factors, many of which are beyond the REIT's control, affect the
operations, performance and results of the REIT and its business,
and could cause actual results to differ materially from current
expectations of estimated or anticipated events or results. These
factors include, but are not limited to, risks and uncertainties
related to the Units, risks and uncertainties related to negative
geo-political events, such as the military conflict in Ukraine, risks related to the REIT and its
business, and any risks related to the uncertainties surrounding
the duration and the direct and indirect impact of the COVID-19
pandemic on the business, operations and financial condition of the
REIT and its tenants, as well as on consumer behavior and the
economy in general, including the ability to enforce leases,
perform capital expenditure work, increase rents, raise capital
through the issuance of Units or other securities of the REIT and
obtain mortgage financing on the REIT's properties. The foregoing
is not an exhaustive list of factors that may affect the REIT's
forward-looking statements. Other risks and uncertainties not
presently known to the REIT could also cause actual results or
events to differ materially from those expressed in its
forward-looking statements. The reader is cautioned to consider
these and other factors, uncertainties and potential events
carefully and not to put undue reliance on forward-looking
statements as there can be no assurance actual results will be
consistent with such forward-looking statements.
Information contained in forward-looking statements is based
upon certain material assumptions applied in drawing a conclusion
or making a forecast or projection, including management's
perception of historical trends, current conditions and expected
future developments, as well as other considerations believed to be
appropriate in the circumstances. There can be no assurance
regarding: (a) the breadth of impact of COVID-19 on the REIT's
business, operations and performance, including the performance of
its Units; (b) the REIT's ability to mitigate any impacts related
to COVID-19; (c) credit, market, operational, and liquidity risks
generally; (d) Starlight Group Property Holdings Inc., or any of
its affiliates ("Starlight"), continuing as asset manager of the
REIT in accordance with its current asset management agreement; and
(e) other risks inherent to the REIT's business and/or factors
beyond its control which could have a material adverse effect on
the REIT.
The forward-looking statements made relate only to events or
information as of the date on which the statements are made in this
press release. Except as specifically required by applicable
Canadian law, the REIT undertakes no obligation to update or revise
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise, after the date on which
the statements are made or to reflect the occurrence of
unanticipated events.
SOURCE True North Commercial Real Estate Investment Trust