VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 3, 2016) - 0944460 B.C. Ltd. (the "Company") is pleased to announce that it has closed the acquisition and the disposition transactions previously announced in the Company's May 2, 2016 News Release.
Effective October 1, 2016, the Company acquired (the "Acquisition") a new mixed use residential and commercial real estate development project located at 525 and 535 North Road, Coquitlam, BC (the "North Road Project") from a company beneficially owned and controlled by the Onni group of companies (the "Onni Group") in consideration of the issuance of 100,000 non-voting shares of the Company.
Concurrently with the closing of the Acquisition, the Company sold (the "Disposition") a development property located at 7771 Alderbridge Way, Richmond, B.C. (the "Riva 4 Property") to a limited partnership owned and controlled by the Onni Group (the "Riva LP") in consideration of Riva LP's assumption of the Company's obligations with respect to the Riva 4 Property equal to the amount of $7,141,561.06 and the payment of $9,353,638.75 in cash.
As disclosed in the May 2, 2016 News Release and in the Company's Management Information Circular dated May 18, 2016 (the "2016 Circular"), both the Acquisition and the Disposition are "related party transactions" under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") requiring a formal valuation and minority shareholder approval. The Company has relied upon an exemption from the requirement to obtain a formal valuation available under MI 61-101 and the Company received minority shareholder approval for both the Acquisition and the Disposition at the Company's Annual General Meeting held on June 23, 2016.
For additional information regarding terms the Acquisition and the Disposition, the North Road Project, the Riva 4 Property and information regarding the Company's review thereof, please see the 2016 Circular, a copy of which is available on SEDAR at www.sedar.com under the Company's profile.
On Behalf of the Board of Directors of 0944460 B.C. Ltd.
Sam Parrotta
Chief Executive Officer
Forward-Looking Statements
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements herein, other than statements of historical fact, are to be considered forward looking. In some cases, these forward-looking statements can be identified by words or phrases such as "may", "will", "expect", "anticipate", "aim", "estimate", "intend", "plan", "believe", "potential", "continue", "is/are likely to", "should", or the negative of these terms, or other similar expressions intended to identify forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to market prices, continued availability of capital and financing, the state of the real estate sector and general economic, market or business conditions. In making such forward-looking statements, the Board has relied upon a number of material factors and assumptions, including with respect to: the Acquisition Appraisal, the Disposition Appraisal and the terms and conditions on which each of the Acquisition and the Disposition will be completed. Although the Board of Directors of the Company believes that the expectations with respect to such forward-looking statements are reasonable, such forward-looking statements are subject to known and unknown risks and uncertainties and, accordingly, there can be no assurance that such expectations will prove to be correct and accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
Contact Information:
Chief Executive Officer
604-602-7111
604-688-7907 (FAX)