VANCOUVER, BC, May 21, 2024
/CNW/ - REALnorth Opportunities Fund (the "Fund") announced
today that the British Columbia Securities Commission and the
Ontario Securities Commission have granted an order (the
"Order") which provides that the Fund has ceased to be a
reporting issuer in all provinces of Canada in which the Fund was a reporting
issuer immediately prior to the grant of the Order. As a result of
the Order, the Fund has been relieved of further continuous
disclosure obligations under applicable Canadian securities
laws.
As previously disclosed, the Fund paid an interim distribution
of $176.00 per unit of the Fund on
May 3, 2024 to unitholders of record
as of the close of business on April 30,
2024. The Fund remains in the process of winding down
its operations following the completion of the sale of its
remaining properties on March 28,
2024 (the "Sale Transactions"). The Fund is also
continuing its efforts to sell the $2.0
million secured, interest-bearing vendor take back
promissory note (the "Garrison VTB Note") received as
partial consideration for the sale of the Garrison Landing
bare-land residential property for cash proceeds. As part of its
wind-up, the Fund will use the proceeds of the Sale Transactions
and the sale of the Garrison VTB Note, once completed, to satisfy
all liabilities, taxes and transaction related other expenses of
the Fund and its direct and indirect subsidiaries (collectively,
the "Obligations"). The Fund will also return to unitholders
any remaining net proceeds received from the Sale Transactions (of
which the Interim Distribution forms a part) and the sale of the
Garrison VTB Note, once completed.
As previously disclosed, in accordance with the special
resolution approved by the unitholders of the Fund at the special
meeting of unitholders held on March 21,
2024, and the Declaration of Trust of the Fund dated
August 27, 2014, the Fund will be
formally terminated and a final distribution will be paid to
unitholders on a date determined by the trustees of the Fund. It is
currently expected that the termination of the Fund will occur, and
the final distribution will be paid to unitholders, by the end of
the third quarter of 2024.
Forward-Looking Information
Certain statements in this news release may constitute
"forward-looking information" within the meaning of applicable
Canadian securities laws, which information involves known and
unknown risks, uncertainties and other factors that may cause
actual results, performance or achievements or industry results, to
be materially different from any future results, performance or
achievements or industry results expressed or implied by such
forward-looking information. Forward-looking information is
identified by the use of terms and phrases such as "anticipate",
"believe", "could", "estimate", "expect", "intend", "may", "plan",
"predict", "project", "will", "would", and similar terms and
phrases, including references to assumptions. Such information
includes, without limitation, statements with respect to: the
wind-down of the Fund's operations and the estimated timing of the
termination of the Fund and the payment of a final distribution to
unitholders; the repayment of all of the Fund's Obligations; and
the Fund's intention to sell the Garrison VTB Note for cash
proceeds.
Although the forward-looking information contained in this news
release is based upon what the Fund's trustees and management
believe to be reasonable assumptions, the Fund cannot assure
unitholders that actual results will be consistent with such
information. Certain key expectations and assumptions made by the
Fund and reflected in the forward-looking information in this news
release include without limitation: the sale of the Garrison VTB
Note will be completed on terms not materially less advantageous to
the Fund than previously contemplated and will be completed on a
timely basis; and there will be no intervening events or unforeseen
Obligations that will materially reduce the amount funds available
for distribution to unitholders of the Fund, or that delay the
distribution of such funds.
Forward-looking information reflects current expectations of
management regarding future events and operating performance as of
the date of this news release. Such information involves
significant risks and uncertainties, should not be read as
guarantees of future performance or results, and will not
necessarily be accurate indications of whether or not such results
will be achieved. A number of factors could cause actual results to
differ materially from the results discussed in the forward-looking
information, including, without limitation: the risk that the Fund
will not be able to sell the Garrison VTB Note on the terms
expected or in accordance with the timing currently contemplated,
or at all; the risk that the Fund's Obligations will be greater
than anticipated; the risk that distributions to unitholders will
be delayed; and the risk that distributions to unitholders will be
less than anticipated. Should any of the foregoing risks
materialize, or should assumptions underlying the forward-looking
information prove incorrect, actual results, performance,
activities or achievements could vary materially from those
expressed or implied by any forward-looking information contained
in this news release. Readers are cautioned that the foregoing list
of risks is not exhaustive. Additional information on these and
other risk factors that could affect the operations or financial
results of the Fund can be found under "Risks and Uncertainties" in
the Fund's Management's Discussion & Analysis dated
November 27, 2023 for the period
ended September 30, 2023 and under
"Risk Factors" in the Fund's information circular dated
February 22, 2024, a copy of each of
which is currently available on SEDAR+ (www.sedarplus.ca).
The forward-looking information contained herein is expressly
qualified in its entirety by this cautionary statement.
Forward-looking information reflects management's current beliefs
and is based on information currently available to the Fund. The
forward-looking information is made as of the date of this news
release and the Fund assumes no obligation to update or revise such
information to reflect new events or circumstances, except as may
be required by applicable law.
Additional Information
Additional information relating to the Fund and other public
filings, are available on SEDAR+ at www.sedarplus.ca .
SOURCE REALnorth Opportunities Fund