VANCOUVER, BC, Aug. 9, 2024
/CNW/ - REALnorth Opportunities Fund (the "Fund") announced
today that it has completed the sale of the $2.0 million secured, interest-bearing vendor
take back promissory note (the "Garrison VTB Note") received
in March 2024 as partial
consideration for the sale of the Garrison Landing bare-land
residential property. Prior to the sale of the Garrison VTB Note,
the Fund received a partial principal repayment of $50,000 and aggregate interest payments of
approximately $52,454 in respect
of the Garrison VTB Note. The Garrison VTB Note was sold to a
third-party buyer for gross cash proceeds of $1.25 million, which proceeds are in addition to
the previously received principal and interest payments. The Fund
will use the proceeds of the sale of the Garrison VTB Note as well
as cash on hand to satisfy all liabilities, taxes and transaction
related other expenses of the Fund and its direct and indirect
subsidiaries (collectively, the "Obligations") as part of
its wind-up.
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 after
the satisfaction of the Obligations. 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. The Fund previously 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.
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; and the repayment of all of the Fund's
Obligations.
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: 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 or the wind-up and
termination of the Fund.
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'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