Mandarin Golf and Country Club

September 06, 2013 16:30 ET

The Mandarin Golf and Country Club Enters Into Property Sale Agreement

TORONTO, ONTARIO--(Marketwired - Sept. 6, 2013) - The Mandarin Golf and Country Club Inc. (the "Company" or "Mandarin") announces that the Company has entered into an agreement of purchase and sale (the "Purchase Agreement") with an arm's length third party (the "Buyer"), wherein the Buyer has agreed, subject to certain conditions, to purchase the property municipally known as 11207 Kennedy Road, in Markham Ontario for a purchase price of CDN$22,000,000 (the "Transaction").

The proposed Transaction will constitute a sale of all or substantially all of the assets of the Company and, therefore, must be approved by at least two-thirds of the shareholders of the Company, present in person or by proxy, at a meeting of shareholders called for that purpose (the "Special Meeting"). The Company intends to hold the Special Meeting in the near future; however, the board of directors of the Company has not yet set a date for the Special Meeting. In connection with the proposed Transaction, the Company anticipates entering into a lease agreement with the Buyer which would permit the Company to continue to operate the purchased lands as a golf course for a period of time following closing of the Transaction.

The completion of the Transaction is subject to a number of conditions precedent, including, but not limited to, satisfactory completion of due diligence by the Buyer and the approval of the shareholders of the Company as set forth above.

About Mandarin

Mandarin operates a championship 18 hole golf course and related facilities located on approximately 139 acres, in the Town of Markham, Province of Ontario. The shares of Mandarin continue to be subject to a cease trade order imposed by the Ontario Securities Commission on May 23, 2003.

Contact Information

  • The Mandarin Golf & Country Club Inc.
    11207 Kennedy Road
    Markham, ON
    L6C 1P2
    Phone: 905-887-9887
    Fax: 905-887-9807