Invesque Closes Third Tranche of Preferred Offering
TORONTO, ONTARIO, MARCH 29, 2018 – Invesque Inc. (TSX: IVQ.U) (the “Company”) announced today the closing of the third and final tranche of its previously announced private placement of class A convertible preferred shares (“Investment”) to certain funds managed by Magnetar Financial LLC.
The third tranche of the Investment resulted in the issuance of 1,586,042 class A series 3 convertible preferred shares for aggregate gross proceeds of approximately US$15 million.
The proceeds from the Investment will be used for the repayment of debt, for general working capital purposes and to fund future acquisitions that have not yet been identified.
“Magnetar continues to be a great partner, and the additional investment is a testament to that, as well as our Company’s ability to creatively grow the balance sheet and increase our liquidity” said Scott White, Chief Executive Officer.
Invesque Inc. is a North American health care real estate company with a growing portfolio of high quality properties located in the United States and Canada and operated by best-in-class senior living and care operators primarily under long-term leases and joint ventures. Invesque's mission is to create long-term shareholder value while providing an investment opportunity that matters. For more information, visit www.invesque.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This press release contains forward-looking information that reflects the current expectations of management about the future results and opportunities for the Company. Forward-looking statements generally can be identified by words such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “should”, “plans”, “project”, or “continue” or similar expressions suggesting future outcomes or events. More particularly and without limitation, this press release contains forward looking statements and information concerning the use of proceeds from the third tranche of the Investment. Such forward-looking statements reflect the Company’s current beliefs and are based on information currently available to management. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof and to not use such forward-looking information for anything other than its intended purpose. The Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
FOR FURTHER INFORMATION PLEASE CONTACT:
Chief Executive Officer