ViveRE Communities Inc. announces issuance of non-transferable warrants in granting loan bonuses
HALIFAX, Jan. 20, 2020 /CNW/ - ViveRE Communities Inc. (TSXV: VCOM) ("ViveRE" or the "Company") announces that it has issued non-transferable warrants of the Company (each, a "Warrant") to arm's length parties ( collectively the "Lenders" and each a "Lender"), as a loan bonus pursuant to promissory notes issued to the Lenders today (the "Promissory Notes" and each a "Promissory Note"). The Warrants have been issued pursuant to Policy 5.1 of the TSX Venture Exchange (the "Exchange")
ViveRE has $150,000 of Promissory Notes outstanding which have a maximum maturity date of one (1) year (the "Maturity Date") and provide that, in consideration of the risk to the Lender in respect of the loans extended thereunder, the Company may, at its sole option, any time prior to the Maturity Date, and subject to Exchange acceptance, grant a loan bonus to the Lender of the maximum number of non-transferable Warrants permitted to be issued as a loan bonus to such Lender pursuant to Exchange Policy 5.1, being the principal sum outstanding under each Promissory Note divided by the Market Price (as such term is defined in Exchange policy 1.1 – Interpretation) of the common shares of the Company (the "Common Shares" and each, a "Common Share"). The board of directors of the Company (the "Board") determined that it is in the best interests of the Company to exercise their option to issue the Warrants as a loan bonus to each Lender as set forth in their respective Promissory Note.
The trading price of the Common Shares on January 17, 2020 was $0.21. The Company has issued the maximum number of Warrants permitted under Policy 5.1 with respect to the aggregate amount of $150,000 outstanding under the Promissory Notes, resulting in 714,000 Warrants being issued, in aggregate, to the Lenders. Each Warrant is exercisable into one Common Share (each, a "Warrant Share") for a period of 12 months from the date of issuance, at an exercise price of $0.21 per Warrant Share.
The Lenders are Philip Gaunce of Halifax, Nova Scotia, Raymond Wagner of Halifax, Nova Scotia and IQ Commercial Mortgage Strategy. Each of the three Lenders is lending $50,000.
This Loan Bonus in the form of Warrants of the Issuer pursuant to Exchange Policy 5.1 is subject to Exchange Approval.
On behalf of the Board of Directors of ViveRE Communities Inc.
"Mike Anaka"
Chief Executive Officer
Neither the 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 press release.
Forward-Looking Statements
This news release contains forward-looking statements relating to the future operations of ViveRE and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the future plans and objectives of ViveRE Communities Inc, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from ViveRE Communities Inc.'s expectations include other risks detailed from time to time in the filings made by ViveRE Communities Inc. with securities regulators.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of ViveRE Communities Inc.The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and ViveRE Communities Inc. will only update or revise publicly the included forward-looking statements as expressly required by Canadian securities law.
SOURCE ViveRE Communities Inc.
Mike Anaka, Chief Executive Officer, 902-440-7579
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