VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 15, 2016) -
NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA OR THROUGH U.S. NEWSWIRE SERVICES
Element Lifestyle Retirement Inc. ("Element" or the "Company") (TSX VENTURE:ELM) is pleased to announce that, subject to TSX Venture Exchange approval, it is proceeding with a non-brokered private placement of up to 2,730,000 common shares at $0.26 per share for gross proceeds of up to $709,800.
The shares issued under the private placement will be subject to a four-month hold period from the date of closing.
Net proceeds from the private placement will be used for corporate development and general working capital.
An officer of the Company may acquire shares under the private placement. Any such participation would be considered to be a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). The transaction will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any shares issued to or the consideration paid by such person will exceed 25% of the Company's market capitalization.
About Element Lifestyle Retirement
Element was established in June 2013 in Vancouver, British Columbia. It is in the business of providing specialized development expertise and flexible, innovative management services for senior retirement communities. The core business of Element is the development and management of third party assets in the senior retirement community space. Element aspires to be one of the most respected senior living specialists in North America, emphasizing the "Continuum-of-Care" model, which encompasses a smooth, seamless transition for seniors from independence to assisted living to complex care. The management team of Element has over 20 years of experience developing and operating retirement communities.
ON BEHALF OF THE BOARD
ELEMENT LIFESTYLE RETIREMENT INC.
Michael Diao, Chief Executive Officer and Director
Forward-looking Statement Caution
This news release contains "forward-looking information" within the meaning of applicable securities laws relating to the proposed private placement, including statements regarding completion of the private placement, stock exchange approval, the price of the common shares and use of proceeds. Although the Company believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the risks associated with Element's business as disclosed in the Company's most recently filed MD&A. The statements in this news release are made as of the date of this release. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.