/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
WINNIPEG, MB, Aug. 10, 2021 /CNW/ - Marwest Apartment Real
Estate Investment Trust ("Marwest Apartment REIT" or the
"REIT") (TSXV: MAR.UN) is pleased to announce today that it
has closed its previously announced public offering (the
"Offering") of units of the REIT (the "Offered
Units"), raising gross proceeds of approximately $4.7 million. The REIT issued an aggregate of
4,271,891 Offered Units in connection with the Offering at a price
of $1.10 per Offered Unit. Each
Offered Unit is comprised of: (i) one trust unit (a "Trust
Unit") of the REIT; and (ii) one Trust Unit purchase warrant
entitling the holder thereof to purchase one additional Trust Unit
at any time up to and including the date that is 12 months from the
closing date of the Offering at a price of $1.20.
The REIT intends to use all or substantially all of the net
proceeds of the Offering to fund the purchase price and associated
costs of one or more property acquisitions in its current potential
acquisition pipeline. As at the date hereof, the REIT does not have
any definitive agreement with respect to future property
acquisition(s), but has identified a number of properties owned by
entities which are partially owned by the principals of the REIT's
asset manager or affiliates thereof on which it intends to conduct
due diligence, as more particularly described in the REIT's final
short form prospectus dated August 3,
2021.
The Offering was managed by a syndicate of agents led by
Canaccord Genuity Corp. and including CIBC World Markets Inc.,
National Bank Financial Inc., Desjardins Securities Inc., iA
Private Wealth Inc., Raymond James Ltd., Richardson Wealth Limited
and Wellington-Altus Private Wealth Inc.
About Marwest Apartment REIT
The REIT is an unincorporated open-ended trust governed by the
laws of the Province of Manitoba.
The REIT was formed to provide its Unitholders with the opportunity
to invest in the Canadian multi-family rental sector through the
ownership of high-quality income-producing properties, with an
initial focus on stable markets throughout Western Canada.
Forward-looking Statements
The information in this news release includes certain
information and statements about management's views of future
events, expectations, plans and prospects that constitute
forward–looking statements including statements regarding the
REIT's intention to use the net proceeds of the Offering to fund
the purchase price and associated costs of one or more property
acquisitions in its current potential acquisition pipeline. These
statements are based upon assumptions that are subject to
significant risks and uncertainties. In particular, the
REIT's acquisition of additional properties is dependent on the
satisfactory completion of due diligence, the negotiation and
execution of agreements of purchase and sale and a number of other
conditions. Because of these risks and uncertainties and as a
result of a variety of factors, the actual results, expectations,
achievements or performance may differ materially from those
anticipated and indicated by these forward–looking statements.
There can be no assurance that the REIT will be able to complete
such acquistions. Although management of the REIT believes
that the expectations reflected in forward–looking statements are
reasonable, it can give no assurances that the expectations of any
forward–looking statements will prove to be correct. Except as
required by law, the REIT disclaims any intention and assumes no
obligation to update or revise any forward–looking statements to
reflect actual results, whether as a result of new information,
future events, changes in assumptions, changes in factors affecting
such forward–looking statements or otherwise.
Neither the TSXV nor its Regulation Services Provider (as that
term is defined in the policies of the TSXV) accepts responsibility
for the adequacy or accuracy of this news release.
The Trust Units are not registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act") and
may not be offered or sold within the
United States or to or for the account or benefit of U.S.
persons, except in certain transactions exempt from the
registration requirements of the U.S. Securities Act. This press
release does not constitute an offer to sell, or the solicitation
of an offer to buy, securities of the REIT in the United States or in any other
jurisdiction.
SOURCE Marwest Apartment Real Estate Investment Trust