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HALIFAX, NS, Nov. 26, 2021 /CNW/ - (TSXV:
NXLV) NexLiving Communities Inc. ("NexLiving" or the
"Company") is pleased to announce that it has closed today on its
previously announced marketed offering of common shares (the
"Offering"). Pursuant to the Offering, the Company issued
100,000,000 shares at a price of $0.20 per share for gross proceeds of
$20,000,000. The Offering was led by
Echelon Capital Markets and CIBC Capital Markets as co-lead agents
and co-bookrunners, on behalf of a syndicate of agents including
Cormark Securities Inc., Desjardins Securities Inc., Scotia Capital
Inc., Canaccord Genuity Corp., iA Private Wealth Inc. and
Richardson Wealth Limited (collectively the "Agents"). The
Company has granted the Agents an option to purchase an additional
15% of the shares sold under the Offering (the "Over-Allotment
Option"). The Over-Allotment Option may be exercised in whole, or
in part, as determined by the Agents' upon written notice to the
Company at any time up to 30 days following the closing date of the
Offering. In addition, as previously announced, NexLiving has
agreed to a non-brokered private placement (the "Private
Placement") on the same pricing terms as the Offering, which has
been upsized from $4,000,000 to
$4,450,000. Closing of the Private
Placement is subject to a number of conditions, including the
approval of the TSX Venture Exchange.
![NexLiving Communities Inc. Logo (CNW Group/NexLiving Communities Inc.) NexLiving Communities Inc. Logo (CNW Group/NexLiving Communities Inc.)](https://mma.prnewswire.com/media/1697157/NexLiving_Communities_Inc__NexLiving_Announces_Closing_of_Oversu.jpg)
NexLiving intends to use a portion of the gross proceeds to fund
the equity requirements of the previously announced acquisition of
ten recently constructed apartment properties comprised of 370
units in Moncton and Riverview, New Brunswick, for an aggregate
purchase price of $72.6 million,
subject to customary adjustments (the "Acquisition"). The
Acquisition is subject to certain closing conditions.
In consideration for their services, and pursuant to the terms
of an agency agreement, dated November 19,
2021, among the Agents and the Company, the Company has paid
a cash commission of $1,150,000.
Further details of the Offering and the Acquisition are
described in the final short form prospectus of the Company dated
November 19, 2021 (the "Prospectus"),
filed with Canadian securities regulators. A copy of the Prospectus
is available under the Company's profile on the SEDAR website at
www.sedar.com.
This news release does not constitute an offer to sell or a
solicitation of an offer to sell any of securities in the United States. The securities have not
been and will not be registered under the U.S. Securities Act or
any state securities laws and may not be offered or sold within
the United States or to U.S.
Persons unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such
registration is available.
For more information about NexLiving, please refer to our
website at www.nexliving.ca and our public disclosure at
www.sedar.com.
About the Company
NexLiving continues to execute its plans to acquire recently
built or refurbished, highly leased multi-residential properties in
bedroom communities across Canada.
The Company aims to satisfy the needs of the newly emerging 55+
resident. The demographic that has changed the world is now
changing the way residential rental apartments cater to their
requirements. Their desire for community, along with service,
quality and convenience has led to the emergence of the 55+ active
living segment. Apartments are their next "home", after years of
owning they look forward to the carefree lifestyle provided through
renting in a community of their peers. NexLiving intends to
consolidate this emerging market niche. The Company currently owns
549 units in New Brunswick and
Ontario. NexLiving has also
developed a robust pipeline of qualified properties for potential
acquisition. By screening the properties identified to match the
criteria set out by the Company (proximity to healthcare,
amenities, services and recreation), management has assembled a
significant pipeline of potential acquisitions for consideration by
the Company's Board of Directors.
Forward-Looking Statements
This news release forward-looking information within the meaning
of applicable Canadian securities laws ("forward-looking
statements"). All statements other than statements of historical
fact are forward-looking statements. Often, but not always,
forward-looking statements can be identified by the use of words
such as "plans", "expects", "is expected", "budget", "scheduled",
"projects", "estimates", "forecasts", "intends", "continues",
"anticipates", or "does not anticipate" or "believes" or variations
(including negative variations) of such words and phrases, or state
that certain actions, events or results "may", "could", "should",
"would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements contained in this news release include,
but are not limited to: the Company's intention to complete the
Private Placement and the anticipated timing thereof; the Company's
intention to complete the Acquisition and the anticipated timing
thereof; the Company's intended use of proceeds of the Offering and
the Private Placement; and the completion of the Acquisition. Such
forward-looking statements are qualified in their entirety by the
inherent risks and uncertainties surrounding future expectations,
including that the transactions contemplated herein are completed.
These forward-looking statements reflect the current expectations
of the Company's management regarding future events and operating
performance, but involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or
achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statements. Actual events could differ
materially from those projected herein and depend on a number of
factors, including, without limitation, the failure by the Company
to complete the Acquisition on the terms contemplated or on the
anticipated timeline; material shifts in demographic trends or
actual future market conditions being different than anticipated by
NexLiving's management; material changes to government or
environmental policy or regulations affecting NexLiving's
operations; and the risks described under "Risk Factors" in the
Prospectus and the Company's Annual Information Form. Although
forward-looking statements contained in this news release are based
upon what management believes are reasonable assumptions, there can
be no assurance that actual results will be consistent with these
forward-looking statements. These material assumptions are more
fully described in regulatory filings, including in the Prospectus
and the Company's MD&A released on November 2, 2021. Accordingly, readers should not
place undue reliance on forward-looking statements. The
forward-looking statements in this news release speak only as of
the date of this news release. Except as required by applicable
securities laws, the Company does not undertake, and specifically
disclaims, any obligation to update or revise any forward-looking
statements, whether as a result of new information, future
developments or otherwise, except as required by applicable
law.
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 news release.
SOURCE NexLiving Communities Inc.