Amica Mature Lifestyles Inc.
TSX : ACC

Amica Mature Lifestyles Inc.

January 23, 2007 07:56 ET

Amica Mature Lifestyles Announces $23.5 Million Bought Deal Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 23, 2007) -

NOT FOR DISSEMINATION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Amica Mature Lifestyles Inc. (TSX: ACC) ("Amica" or the "Company") is pleased to announce that Canaccord Capital Corporation (the "Underwriter") has agreed to purchase 2,500,000 common shares (the "Common Shares") of the Company at a price of $9.40 per Common Share for gross proceeds to Amica of $23,500,000 (the "Offering").

The Underwriter, together with a syndicate including National Bank Financial Inc., has the right to sell the Common Shares and has been granted an option, exercisable at any time up to the Closing Date (as defined, below), to purchase and sell an additional 250,000 Common Shares at a price of $9.40 per Common Share.

The net proceeds of the Offering will be used by the Company to fund new development projects with joint-venture partners and for general corporate purposes. The Offering is subject to certain termination provisions in favour of the Underwriter that are customary for a transaction of this type and is expected to close on or about February 14, 2007 (the "Closing Date"), or such other date as the Company and the Underwriter may agree.

Amica Mature Lifestyles Inc., a Vancouver based public company, is a leader in the management, marketing, design and development of luxury housing and services for mature lifestyles. There are 21 Amica Wellness & Vitality™ Residences, including six under development. The common shares of Amica are traded on the Toronto Stock Exchange under the symbol "ACC".

Forward-Looking Information

This news release contains "forward-looking information" within the meaning of the Securities Act (Ontario) ("forward-looking statements"). Statements made in this news release that are not historical facts are forward-looking statements. Forward-looking statements can be identified because they generally contain the words "anticipate", "believe", "estimate", "plan", "expect", "project", or similar words. Such forward-looking statements are estimates reflecting the best judgment of the Company based upon current information and involve a number of risks and uncertainties and other factors that may cause actual results, performance, or achievements of the Company to differ materially from future results expressed, projected or implied by such forward-looking statements. Given these risks and uncertainties, readers are cautioned not to place undue reliance on the Company's forward-looking statements. These statements are made as of the date of this document and, except as required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.


Contact Information

  • Amica Mature Lifestyles Inc.
    Mr. Doug Allen
    Chief Financial Officer
    (604) 630-3473
    Email: d.allen@amica.ca
    or
    Amica Mature Lifestyles Inc.
    Ms. Alyssa Williams
    Investor Communications Administrator
    (604) 639-2171
    Email: a.williams@amica.ca
    Website: www.amica.ca