|By Marketwired .||
|July 3, 2014 08:36 AM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 07/03/14 -- CHC Realty Capital Corp. ("CHC" or the "Company") (TSX VENTURE:CHC) is pleased to announce that it has entered into conditional agreements to complete three acquisitions of student housing properties located in Windsor, Ontario and Trois-Rivieres, Quebec from three different arm's length vendors. The acquisitions are subject to certain conditions, including the completion of due diligence and financing arrangements to the satisfaction of the Company, and the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange (the "TSXV").
The first acquisition consists of a property located in Windsor, Ontario, approximately 0.75 km from the University of Windsor, and having 117 beds in 87 student apartments in two buildings. The purchase price for the property is $5.9 million, subject to adjustments. The Company has paid the vendor a $100,000 initial refundable deposit in respect of the acquisition, which will become non-refundable (subject to certain exceptions) upon the removal of CHC's due diligence condition, and at which time CHC will pay the vendor a second $200,000 non-refundable (subject to certain exceptions) deposit.
The second acquisition consists of a property located in Windsor, Ontario, approximately 0.8 km from the University of Windsor, and having 51 beds in 32 student apartments in one building. The purchase price for the property is $1.6 million, subject to adjustments. The Company has paid the vendor a $50,000 initial refundable deposit in respect of the acquisition, which will become non-refundable (subject to certain exceptions) upon the removal of CHC's due diligence condition, and at which time CHC will pay the vendor a second $75,000 non-refundable (subject to certain exceptions) deposit.
The third acquisition consists of a property located in Trois-Rivieres, Quebec, on the campus of the Universite du Quebec a Trois-Rivieres, and having 306 beds in 77 student apartments in six buildings. The purchase price for the property is $5.5 million, subject to adjustments. The Company has paid the vendor a $75,000 initial refundable deposit in respect of the acquisition, which will become non-refundable (subject to certain exceptions) upon the removal of CHC's due diligence condition, and at which time CHC will pay the vendor a second $400,000 non-refundable (subject to certain exceptions) deposit. CHC has also paid the vendor a $25,000 initial non-refundable deposit.
In connection with the acquisitions, CHC also announces that it intends to complete a non-brokered private placement to raise approximately $8.0 million through the issuance of subscription receipts at a price to be determined in the context of the market. The Company intends to use the net proceeds of the private placement, together with mortgage financing on the properties, to complete the acquisitions of the Windsor, Ontario and Trois-Rivieres, Quebec properties, and for general corporate purposes. On closing, the proceeds from the private placement, less an amount equal to the second deposits to be paid to the vendors in connection with the acquisitions, will be deposited in escrow with a third party arm's length escrow agent pending completion of the acquisitions. Immediately prior to the completion of the acquisitions, the funds held in escrow will be released to CHC and each subscription receipt will automatically convert into one common share of the Company without payment of additional consideration. If the escrow release conditions are not satisfied on or before October 31, 2014, the proceeds will be returned to the subscribers. In addition, if not all of the acquisitions are to be completed, the funds required for any acquisitions which are not to be completed will be returned to the subscribers.
The subscription receipts will be offered by way of private placement in all of the provinces of Canada, and in jurisdictions outside of Canada provided that no prospectus filing or comparable obligation arises in such jurisdictions. Pursuant to applicable Canadian securities laws, all securities issued pursuant to the private placement will be subject to a statutory hold period expiring on date that is four months and a date from the day of closing of the private placement.
The private placement is expected to close on or about July 31, 2014. Closing is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSXV.
The securities described herein have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States unless registered under the Act or unless an exemption from registration is available.
About CHC Realty Capital Corp.
CHC Realty Capital Corp. is an owner and operator of student housing properties which is focused on acquiring high quality properties in close proximity to universities and colleges in primary and well understood secondary markets in Canada.
Cautions Regarding Future Plans and Forward Looking Information
This press release contains forward-looking information within the meaning of Canadian securities laws. Such information includes, without limitation, information regarding the completion of the proposed transaction and the business strategies of CHC. Although CHC believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct. Forward looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. CHC cautions investors that any forward-looking information provided by CHC is not a guarantee of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to: CHC's ability to complete the proposed transactions; the state of the real estate sector in the event the proposed transactions are completed; recent market volatility; CHC's ability to secure the necessary mortgage financing or to be fully able to implement its business strategies; and other risks and factors that CHC is unaware of at this time. The reader is referred to CHC's initial public offering prospectus and other continuous disclosure documents for a more complete discussion of risk factors relating to CHC and their potential effects, copies of which may be accessed through CHC's profile on SEDAR at www.sedar.com.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there by any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
The TSXV has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. Neither the 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.
“This win means a great deal to us because it is decided by the readers – the people who understand how use of our technology enables new insights that drive the business,” said Matt Davies, senior director, EMEA marketing, Splunk. “Splunk Enterprise enables organizations to improve service levels, reduce operations costs, mitigate security risks, enhance DevOps collaboration, create new product and service offerings and obtain deeper insight into customer behavior. Being named Best Business App...
Jan. 30, 2015 06:00 AM EST Reads: 2,085
Things are being built upon cloud foundations to transform organizations. This CEO Power Panel at 15th Cloud Expo, moderated by Roger Strukhoff, Cloud Expo and @ThingsExpo conference chair, addressed the big issues involving these technologies and, more important, the results they will achieve. Rodney Rogers, chairman and CEO of Virtustream; Brendan O'Brien, co-founder of Aria Systems, Bart Copeland, president and CEO of ActiveState Software; Jim Cowie, chief scientist at Dyn; Dave Wagstaff, VP ...
Jan. 30, 2015 06:00 AM EST Reads: 2,752
“DevOps is really about the business. The business is under pressure today, competitively in the marketplace to respond to the expectations of the customer. The business is driving IT and the problem is that IT isn't responding fast enough," explained Mark Levy, Senior Product Marketing Manager at Serena Software, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 30, 2015 05:15 AM EST Reads: 2,519
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile ...
Jan. 30, 2015 05:00 AM EST Reads: 2,821
At 15th Cloud Expo, Shrikant Pattathil, Executive Vice President at Harbinger Systems, demos a video delivery platform that helps you do interactive videos. He discusses how Harbinger is accomplishing it in the cloud world, the problems they faced and the choices they made to get around these problems.
Jan. 30, 2015 04:45 AM EST Reads: 1,597
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, discussed single-value, geo-spatial, and log time series dat...
Jan. 30, 2015 04:45 AM EST Reads: 3,116
15th Cloud Expo, which took place Nov. 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA, expanded the conference content of @ThingsExpo, Big Data Expo, and DevOps Summit to include two developer events. IBM held a Bluemix Developer Playground on November 5 and ElasticBox held a Hackathon on November 6. Both events took place on the expo floor. The Bluemix Developer Playground, for developers of all levels, highlighted the ease of use of Bluemix, its services and functionalit...
Jan. 30, 2015 04:30 AM EST Reads: 2,775
In her General Session at 15th Cloud Expo, Anne Plese, Senior Consultant, Cloud Product Marketing, at Verizon Enterprise, focused on finding the right mix of renting vs. buying Oracle capacity to scale to meet business demands, and offer validated Oracle database TCO models for Oracle development and testing environments. Anne Plese is a marketing and technology enthusiast/realist with over 19+ years in high tech. At Verizon Enterprise, she focuses on driving growth for the Verizon Cloud platfo...
Jan. 30, 2015 04:30 AM EST Reads: 3,421
Cultural, regulatory, environmental, political and economic (CREPE) conditions over the past decade are creating cross-industry solution spaces that require processes and technologies from both the Internet of Things (IoT), and Data Management and Analytics (DMA). These solution spaces are evolving into Sensor Analytics Ecosystems (SAE) that represent significant new opportunities for organizations of all types. Public Utilities throughout the world, providing electricity, natural gas and water,...
Jan. 30, 2015 04:30 AM EST Reads: 3,153
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
Jan. 30, 2015 03:30 AM EST Reads: 3,091
SYS-CON Media announced that Splunk, a provider of the leading software platform for real-time Operational Intelligence, has launched an ad campaign on Big Data Journal. Splunk software and cloud services enable organizations to search, monitor, analyze and visualize machine-generated big data coming from websites, applications, servers, networks, sensors and mobile devices. The ads focus on delivering ROI - how improved uptime delivered $6M in annual ROI, improving customer operations by minin...
Jan. 30, 2015 03:30 AM EST Reads: 3,813
Between the compelling mockups and specs produced by your analysts and designers, and the resulting application built by your developers, there is a gulf where projects fail, costs spiral out of control, and applications fall short of requirements. In his session at DevOps Summit, Charles Kendrick, CTO and Chief Architect at Isomorphic Software, will present a new approach where business and development users collaborate – each using tools appropriate to their goals and expertise – to build mo...
Jan. 30, 2015 03:15 AM EST Reads: 1,906
There is no doubt that Big Data is here and getting bigger every day. Building a Big Data infrastructure today is no easy task. There are an enormous number of choices for database engines and technologies. To make things even more challenging, requirements are getting more sophisticated, and the standard paradigm of supporting historical analytics queries is often just one facet of what is needed. As Big Data growth continues, organizations are demanding real-time access to data, allowing immed...
Jan. 30, 2015 03:00 AM EST Reads: 3,429
The true value of the Internet of Things (IoT) lies not just in the data, but through the services that protect the data, perform the analysis and present findings in a usable way. With many IoT elements rooted in traditional IT components, Big Data and IoT isn’t just a play for enterprise. In fact, the IoT presents SMBs with the prospect of launching entirely new activities and exploring innovative areas. CompTIA research identifies several areas where IoT is expected to have the greatest impac...
Jan. 30, 2015 03:00 AM EST Reads: 1,865
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, discussed how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money!
Jan. 30, 2015 02:30 AM EST Reads: 3,010