CHC Student Housing Corp. Announces Update on Private Placement

TORONTO, ONTARIO--(Marketwired - May 2, 2017) - CHC Student Housing Corp. ("CHC" or the "Company") (TSX VENTURE:CHC) announces that, further to its press release dated May 1, 2017, its non-brokered private placement to raise a minimum of $600,000 and a maximum of $1,000,000 through the issuance of a minimum of 342,857 common shares and a maximum of 571,429 common shares at a price of $1.75 per share (the "Private Placement") will be limited to accredited investors. The Company had intended to first offer the Private Placement to all existing shareholders of the Company on the basis of the existing security holder prospectus exemption available in the provinces of Canada. However, the use of that exemption is no longer available given the Company's delay in filing its audited annual financial statements, management's discussion and analysis and related certifications for the fiscal year ended December 31, 2016 on or before May 1, 2017 as required under applicable securities laws.

Existing shareholders of the Company may still participate in the Private Placement if they qualify as accredited investors under applicable securities laws. If qualified shareholders are interested in participating in the Private Placement, they must deliver an executed subscription agreement in the required form and pay the subscription amount by May 9, 2017, or such other date as the Company may designate. Qualified shareholders interested in participating in the Private Placement should contact, or have their registered broker contact, the Company to obtain a copy of the subscription agreement for the financing at: Mark Hansen, President and Chief Executive Officer, CHC Student Housing Corp., 53 Yonge Street, 5^th Floor, Toronto, Ontario, M5E 1J3, telephone: (647) 288-9355, e-mail: mhansen@chcrealty.ca. Requests should be received by no later than May 5, 2017 so that subscription agreements can be signed and funds can be received by the Company by wire transfer or certified cheque no later than May 9, 2017. The Company intends to close the Private Placement on or about May 11, 2017.

About CHC Student Housing Corp.

CHC Student Housing Corp. is Canada's only publicly traded company offering high-quality purpose-built student housing properties strategically located on campus or in close proximity to universities and colleges providing students a safe and secure living environment, affordable prices and high-quality amenities. CHC is focused on student housing in primary and well understood secondary markets in Canada.

Neither the TSX Venture Exchange ("TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.