(TheNewswire)
Edmonton, Alberta – TheNewswire - November 5, 2021 – Yorkton Equity Group Inc. (“YEG” or the “Company”) (TSXV:YEG) announces that, subject to regulatory approval, the Corporation intends to complete an offering ("Offering") by way of a private placement in the form of unsecured convertible debentures (the “Debentures”) for an aggregate principal amount of up to $5,000,000 with an interest rate of seven percent (7%) per annum payable annually. The Debentures will mature on the date that is five (5) years from the date of issuance of the Debentures. The principal amount and earned interest of each Debenture may, at the option of the debenture holder, be convertible, in whole or in part during the term, into common shares of the Corporation ("Common Shares") at a price of $0.60 per Common Share (a “Conversion”). The Corporation, after a period of thirty-six (36) months following the date of closing, also has the right, but not the obligation, to redeem the principal amount and any unpaid interest of the Debenture in cash, without penalty, at any time prior to the date of maturity by providing a thirty (30) calendar day notice (“Notice”) to the Subscriber by way of a written notice or a press release duly disseminated. The holder of the Debenture, at its sole discretion, may then request for a Conversion from the Corporation by the issuance of Common Shares, within a period of ten (10) business days after receipt of the Notice.
The Company intends to use the proceeds from the Offering for the continued acquisition of multifamily rental properties in strategic markets consistent with its secure, aggressive growth business model, and general working capital.
About Yorkton
Yorkton Equity Group Inc. is a fully integrated growth-oriented real estate investment company committed to providing shareholders with growing assets through the accretive acquisitions, organic growth, and the active management of multi-family rental properties with significant upside potential. Our geographical focus is in primary and secondary markets across Canada with diversified, growing economies, and strong population in-migration, with a current focus in British Columbia. Our business objectives are to achieve stable Net Operating Income (NOI) and growing Net Asset Value (NAV) in our multi-family rental property portfolio by deploying a risk averse business model to create the ultimate value proposition for our shareholders. Yorkton Equity Group Inc. is built on the solid foundations of the Yorkton Group of companies with strong financial capacity, and well over 30 years of real estate experience.
Further information about Yorkton is available on the Company’s website at www.yorktonequitygroup.com and the SEDAR website at www.sedar.com.
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 release.
For further information on Yorkton, please contact:
Ben Lui, CEO - Corporate Office: (780) 409-8228
Yorkton Equity Group Inc. - Investor Relations: (780) 907-5263
Email: investors@yorktonequitygroup.com
Forward-looking information
This press release may include forward-looking information within the meaning of Canadian securities legislation concerning the business of Yorkton. Forward-looking information is based on certain key expectations and assumptions made by the management of Yorkton. Although Yorkton believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Yorkton can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. Yorkton disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in the United States. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or any applicable securities laws or any state of the United States and may not be offered or sold in the United States or to the account or benefit of a person in the United States absent an exemption from the registration requirement
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