Leisureworld Senior Care Corporation
TSX : LW

Leisureworld Senior Care Corporation

April 27, 2011 09:07 ET

Leisureworld Closes Previously Announced Subscription Receipt Offering

MARKHAM, ONTARIO--(Marketwire - April 27, 2011) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Leisureworld Senior Care Corporation (the "Company") (TSX:LW) today announced that it has completed its previously announced offering of subscription receipts, on a bought deal basis, led by TD Securities Inc. As a result of the exercise in full of the over-allotment option granted to a syndicate of underwriters, which provided the underwriters with an option to purchase an additional 571,500 subscription receipts, the Company sold 4,381,500 subscription receipts at a price of $10.50 per subscription receipt for total gross proceeds of $46,005,750.

The net proceeds of the offering will be used to finance a portion of the purchase price of the previously announced acquisition of two luxury retirement residences. The Company intends to close the acquisition as soon as possible.

Further details of the offering are set out in the short form prospectus of the Company dated April 14, 2011, available on SEDAR at www.sedar.com or from one of the underwriters.

The securities offered pursuant to the bought deal offering have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of such Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction.

About Leisureworld Senior Care Corporation

Leisureworld is the third largest licensed long-term care provider in Ontario. The Company owns and operates 26 LTC homes, representing approximately 4,314 beds across Ontario, Canada. The Company also owns and operates one retirement home with 29 suites and one independent living home with 53 suites. The Company's subsidiaries include: Preferred Health Care Services, an accredited provider of professional nursing and personal support services; and Ontario Long Term Care, a provider of purchasing services, dietary services, social work, and other regulated health professional services.

Forward-Looking Statements

Certain of the statements contained in this news release are forward-looking statements and are provided for the purpose of presenting information about management's current expectations and plans relating to the future. Readers are cautioned that such statements may not be appropriate for other purposes. These statements generally use forward-looking words, such as "anticipate", "continue", "could", "expect", "may", "will", "estimate", "believe" or other similar words and include, among other things, statements related to the anticipated closing of the acquisition of the two luxury retirement residences. Although management believes that it has a reasonable basis for the expectations reflected in these forward-looking statements, actual results may differ from those suggested by the forward-looking statements for various reasons. Unanticipated other events and factors could cause actual results to differ materially from the results and events discussed in the forward-looking statements. These forward-looking statements reflect current expectations of the Company as at the date of this news release and speak only as at the date of this news release. The Company does not undertake any obligation to publicly update or revise any forward-looking statements except as may be required by applicable law.

Contact Information

  • Leisureworld Senior Care Corporation
    Philip Koven
    Investor Relations
    (416) 447-4740 ext 235