Amica Mature Lifestyles Inc.

Amica Mature Lifestyles Inc.

January 24, 2007 09:30 ET

Amica Mature Lifestyles Increases Bought Deal Private Placement to $25.85 Million

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 24, 2007) -

Not for distribution to United States newswire services or for dissemination in the United States

Amica Mature Lifestyles Inc. (TSX:ACC) ("Amica" or the "Company") announces the exercise of the underwriter's option to increase the number of shares to be purchased in the private placement of the Company's common shares announced yesterday.

The private placement, to be syndicated jointly by Canaccord Capital Corporation and National Bank Financial Inc., will now comprise a total of 2,750,000 common shares (the "Common Shares") at a price of $9.40 each, for gross proceeds of $25,850,000 (the "Offering").

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 & VitalityTM 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
    Amica Mature Lifestyles Inc.
    Ms. Alyssa Williams
    Investor Communications Administrator
    (604) 639-2171