August 25, 2016 18:14 ET
CALGARY, ALBERTA--(Marketwired - Aug. 25, 2016) - Target Capital Inc. ("Target") (TSX VENTURE:TCI)(CSE:TCI) is pleased to announce that its subsidiary, Industrial Avenue Development Corporation, has entered into a conditional sale agreement (the "Sale Agreement") for the sale of the real estate project known as "The Landing at Langley" (the "Langley Project") to a Vancouver area real estate developer for a purchase price of $3,200,000.
Closing of the transactions contemplated in the Sale Agreement is scheduled to occur on January 16, 2017 and is subject to the satisfactory completion of due diligence by the purchaser within 60 days of signing the Sale Agreement. The purchaser has paid a $25,000 initial deposit and shall pay a further deposit of $175,000 upon satisfaction or waiver of the conditions contained in the Sale Agreement.
Provided that closing of the transactions contemplated in the Sale Agreement occurs, Target anticipates that it shall realize net proceeds of approximately $2,200,000 from the sale of the Langley Project.
Target currently attributes a value of $3,671,161 to the Langley Project and anticipates that the value of the Langley Project will be written down in Target's forthcoming financial statements to reflect the $3,200,000 purchase price to be received by Target in accordance with the Sale Agreement.
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.
Target Capital Inc.Craig SkaugePresident403.firstname.lastname@example.org
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