|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.
An entirely new security model is needed for the Internet of Things, or is it? Can we save some old and tested controls for this new and different environment? In his session at @ThingsExpo, New York's at the Javits Center, Davi Ottenheimer, EMC Senior Director of Trust, reviewed hands-on lessons with IoT devices and reveal a new risk balance you might not expect. Davi Ottenheimer, EMC Senior Director of Trust, has more than nineteen years' experience managing global security operations and asse...
Dec. 25, 2014 03:00 AM EST Reads: 2,216
DevOps is all about agility. However, you don't want to be on a high-speed bus to nowhere. The right DevOps approach controls velocity with a tight feedback loop that not only consists of operational data but also incorporates business context. With a business context in the decision making, the right business priorities are incorporated, which results in a higher value creation. In his session at DevOps Summit, Todd Rader, Solutions Architect at AppDynamics, discussed key monitoring techniques...
Dec. 25, 2014 03:00 AM EST Reads: 1,727
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at @ThingsExpo, Robin Raymond, Chief Architect...
Dec. 25, 2014 02:30 AM EST Reads: 2,084
The 3rd International @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 it is now accepting Keynote Proposals. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to th...
Dec. 25, 2014 02:00 AM EST Reads: 2,606
What do a firewall and a fortress have in common? They are no longer strong enough to protect the valuables housed inside. Like the walls of an old fortress, the cracks in the firewall are allowing the bad guys to slip in - unannounced and unnoticed. By the time these thieves get in, the damage is already done and the network is already compromised. Intellectual property is easily slipped out the back door leaving no trace of forced entry. If we want to reign in on these cybercriminals, it's hig...
Dec. 25, 2014 02:00 AM EST Reads: 1,626
The definition of IoT is not new, in fact it’s been around for over a decade. What has changed is the public's awareness that the technology we use on a daily basis has caught up on the vision of an always on, always connected world. If you look into the details of what comprises the IoT, you’ll see that it includes everything from cloud computing, Big Data analytics, “Things,” Web communication, applications, network, storage, etc. It is essentially including everything connected online from ha...
Dec. 25, 2014 02:00 AM EST Reads: 2,137
SYS-CON Media announced that Centrify, a provider of unified identity management across cloud, mobile and data center environments that delivers single sign-on (SSO) for users and a simplified identity infrastructure for IT, has launched an ad campaign on Cloud Computing Journal. The ads focus on security: how an organization can successfully control privilege for all of the organization’s identities to mitigate identity-related risk without slowing down the business, and how Centrify provides ...
Dec. 25, 2014 01:00 AM EST Reads: 1,653
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!
Dec. 25, 2014 01:00 AM EST Reads: 1,929
We are reaching the end of the beginning with WebRTC, and real systems using this technology have begun to appear. One challenge that faces every WebRTC deployment (in some form or another) is identity management. For example, if you have an existing service – possibly built on a variety of different PaaS/SaaS offerings – and you want to add real-time communications you are faced with a challenge relating to user management, authentication, authorization, and validation. Service providers will w...
Dec. 25, 2014 01:00 AM EST Reads: 1,799
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.
Dec. 25, 2014 01:00 AM EST Reads: 2,034
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...
Dec. 25, 2014 12:00 AM EST Reads: 2,347
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...
Dec. 25, 2014 12:00 AM EST Reads: 2,089
Lori MacVittie is responsible for education and evangelism of application services available across F5's entire product suite. Her role includes authorship of technical materials and participation in a number of community-based forums and industry standards organizations, among other efforts. MacVittie has extensive programming experience as an application architect, as well as network and systems development and administration expertise. Prior to joining F5, MacVittie was an award-winning Senio...
Dec. 24, 2014 09:00 PM EST Reads: 1,226
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...
Dec. 24, 2014 06:30 PM EST Reads: 1,922
SYS-CON Media announced today that Skytap blog on "DevOps Journal" exceeded 84,000 story reads. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. DevOps Journal brings valuable information to DevOps professionals who are transforming the way enterprise IT is done. Noel Wurst is the managing content editor at Skytap. Skytap provides SaaS-based dev/test environments to the enterprise. Skytap solution removes the inefficiencies and constraints that comp...
Dec. 24, 2014 05:00 PM EST Reads: 1,321