Target purchases stake in development company
October 23 2011 - 6:37PM
PR Newswire (Canada)
CALGARY, Oct. 26, 2011 /CNW/ - Target Capital Inc. announces it has
closed the purchase of 50% of 1587182 Alberta Ltd. Target Capital
has closed a transaction with 1587182 Alberta Ltd. ("1587182"), an
arm's length private development company, pursuant to which Target
acquired a 50% interest in the company. 1587182 holds a purchase
contract on certain commercial real property in Langley, British
Columbia, which it intends to further develop. In return for the
interest in 1587182, Target has agreed to provide interest-free
financing to 1587182 of up to $2,050,000, secured against the real
property. This financing will be used to cover costs associated
with rezoning and obtaining a development permit for the real
property. This acquisition positions Target to participate in a
development project with a substantial growth potential, without
significantly increasing its risk profile. This is in alignment
with its stated goal to pursue quality investment opportunities
with its cash on hand. Information about Target Capital Inc. can be
found on its website at www.targetcapitalinc.com and on
www.sedar.com. Target Capital Inc. CONTACT: Ryan Hoult, CFO, at
(403) 261-7500, ryan@targetcapitalinc.com
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