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MONTRAL, Oct. 6, 2021 /CNW/ - PRO Real Estate Investment Trust ("PROREIT" or the "REIT") (TSX: PRV.UN) is pleased to announce the closing of its previously announced public offering of trust units of the REIT (the "Units") on a bought deal basis (the "Offering"). Pursuant to the Offering, the REIT issued 10,074,000 Units at a price of $6.85 per Unit (the "Offering Price") for total gross proceeds of $69,006,900, including 1,314,000 Units issued pursuant to the full exercise of the over-allotment option. Concurrently with the closing of the Offering, the REIT completed a non-brokered private placement pursuant to which it issued 2,085,744 Units at the Offering Price to Collingwood Investments Incorporated, a member of the Bragg Group of Companies, from Nova Scotia (the "Private Placement"), for total gross proceeds of $14,287,346.
The Offering was conducted through a syndicate of underwriters including TD Securities Inc. and Scotiabank as joint bookrunners and Canaccord Genuity Corp., collectively as co-lead underwriters, as well as BMO Nesbitt Burns Inc., CIBC World Markets Inc., National Bank Financial Inc., iA Private Wealth Inc., Raymond James Ltd., Haywood Securities Inc., Laurentian Bank Securities Inc. and Leede Jones Gable Inc.
The Units issued under the Offering were issued pursuant to a prospectus supplement dated September 29, 2021 (the "Prospectus Supplement") to the REIT's base shelf prospectus dated July 13, 2021 (the "Base Shelf Prospectus"), filed with securities regulatory authorities in all provinces and territories of Canada. A copy of the Prospectus Supplement and the Base Shelf Prospectus is available under the REIT's profile on SEDAR at www.sedar.com.
As a result of the closing of the Offering and the Private Placement, Collingwood Investments Incorporated has a voting and economic interest of approximately 18.81% in PROREIT, or approximately 19.11% together with one of its related parties.
The REIT intends to use the net proceeds from the Offering and the Private Placement to partially fund the Acquisitions (as defined below), to repay certain indebtedness which may be subsequently redrawn, and the balance if any to fund future acquisitions and for general business and working capital purposes.
https://www.newswire.ca/news-releases/proreit-completes-69-0-million-bought-deal-equity-offering-including-full-exercise-of-over-allotment-option-and-14-3-million-concurrent-private-placement-805210182.html