Parkbridge Lifestyle Communities Inc.

September 10, 2009 08:01 ET

Parkbridge Lifestyle Communities Inc. Announces $20 Million Bought Deal Financing

CALGARY, ALBERTA--(Marketwire - Sept. 10, 2009) -


Parkbridge Lifestyle Communities Inc. (TSX:PRK) ("Parkbridge") today announced that it has entered into an agreement for a bought deal financing with a syndicate of underwriters led by Genuity Capital Markets and including Desjardins Securities Inc, National Bank Financial Inc., TD Securities Inc., RBC Capital Markets, and Cormark Securities Inc. Under the terms of the offering, Parkbridge will issue 5,000,000 Common Shares at a price of $4.00 per Common Share for gross proceeds of $ 20,000,000. Directors and other insiders have indicated an intention to subscribe for approximately 1,065,000 shares or approximately 21.3% of the issue. The underwriters have been granted an over-allotment option to purchase up to an additional 750,000 Common Shares at the issue price at any time prior to 30 days following the closing date, for additional gross proceeds of up to $3,000,000. The net proceeds of the offering will be used for business development and general corporate purposes.

The Common Shares to be issued under the offering will be offered by way of a short-form prospectus in all provinces of Canada (except Quebec) and on a private placement basis in the United States pursuant to one or more exemptions from the registration requirements under the United States Securities Act of 1933, as amended. The offering is scheduled to close on or about September 30, 2009. The offering is subject to certain conditions including but not limited to the receipt of all necessary approvals, including applicable stock exchange and securities regulatory authority approvals.

This news release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The securities have not been and will not be registered under the United States Securities Act of 1933 as amended (the "1933 Act"), absent registration or an applicable exemption from the registration requirements of the 1933 Act and applicable state securities laws.

Contact Information

  • Parkbridge Lifestyle Communities Inc.
    Mr. Iain Stewart
    President, Western Operations and Co-CEO
    (403) 215-2109
    Parkbridge Lifestyle Communities Inc.
    Mr. Calvin Wilson
    Chief Financial Officer
    (403) 215-2105
    Parkbridge Lifestyle Communities Inc.
    700, 505 - 3rd Street SW
    Calgary, AB T2P 3E6
    (403) 215-2100
    (403) 215-2115 (FAX)