HALIFAX,
NS, May 28, 2024 /CNW/ - (TSXV:
NXLV) – NexLiving Communities Inc. ("NexLiving" or
the "Company") announced today that the TSX Venture Exchange (the
"Exchange") has provided conditional acceptance of the Company's
Normal Course Issuer Bid (the "NCIB"), subject to the Company
meeting all of the requirements of the Exchange.
Under the terms of the NCIB, the Company may purchase up to
1,300,000 common shares ("Shares") in total, being approximately
9.8% of the Company's public float (as that term is defined in the
policies of the Exchange) as at May 28,
2024, during the 12-month period commencing May 31, 2024 and ending May 30, 2025.
The price which the Company will pay for any such Shares will be
the prevailing market price at the time of acquisition. The actual
number of Shares which may be purchased pursuant to the NCIB and
the timing of any such purchases will be determined by management
of the Company and will be facilitated by Independent Trading Group
(ITG), Inc. All Share purchases under the NCIB will be made on the
open market through the facilities of the Exchange and will be
purchased for cancellation. The funding for any purchase pursuant
to the NCIB will be financed out of the working capital of the
Company.
The Board of Directors believes that, from time to time, the
trading price of the common shares does not reflect the value of
its business and its future prospects. Accordingly, depending upon
future price movements and other factors, the Board believes that
its common shares are an attractive investment (and an appropriate
use of available corporate funds), and that the NCIB is in the best
interests of the Company and represents an opportunity to enhance
value for its shareholders.
NexLiving purchased and cancelled a total of 74,650 Shares under
the previous normal course issuer bid that expires on May 30, 2024.
A copy of the Company's notice filed with the Exchange may be
obtained by any shareholder, without charge, by contacting
info@nexliving.ca.
About the Company
The Company continues to execute on its plan to acquire recently
built or refurbished, highly leased multi-residential properties in
bedroom communities across Canada.
The Company aims to deliver exceptional living experiences to our
residents and provide comfortable, affordable housing solutions
that cater to a wide range of demographics. The properties offer a
range of modern and updated suites, with a variety of amenities and
features that allow residents to experience a hassle-free and
maintenance-free lifestyle. The Company is committed to investing
in its properties to ensure that they are modern and up-to-date.
For its recently acquired properties in Ontario, the Company has undertaken a targeted
value-add capital program to modernize and reposition the large
existing suites. The Company currently owns 1,166 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.
For more information about NexLiving, please refer to our
website at www.nexliving.ca and our public disclosure at
www.sedarplus.ca.
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, management's expectations of
additional rental increases to come into effect by year end and the
further enhancement of the Company's financial results. Such
forward-looking statements are qualified in their entirety by the
inherent risks and uncertainties surrounding future expectations.
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. These risks and uncertainties are more fully described in
regulatory filings, which can be obtained on SEDAR at
www.sedarplus.ca, under NexLiving's profile, as well as under Risk
Factors section of the MD&A released on May 15, 2024. Although
forward-looking statements contained in this new 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. Accordingly, readers should not place
undue reliance on forward-looking statements. The forward-looking
statements in this new 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 press release.
SOURCE NexLiving Communities Inc.
