HALIFAX, NS / ACCESSWIRE / May 1, 2019 / ViveRE Communities Inc. (TSX-V: VCOM) ("ViveRE" or the "Company") announces that the 2018 annual meeting of shareholders has been scheduled for May 31, 2018 at 2:00 pm AST. Shareholders as of the record date, close of business on April 30, 2019, will be entitled to vote at the meeting. This will be ViveRE's first annual meeting of shareholders following the completion of its change of business transaction in August 2018 whereby the Company became a real estate issuer on the TSX Venture Exchange (the "Exchange").
The Company also announces that it intends to settle $31,750 in debt owed for services by the issuance of 158,750 common shares of the Company at a deemed price per share of $0.20. This debt was incurred in connection with its recent acquisition of Village View No. 2 Limited Partnership, a limited partnership formed under the laws of the Province of New Brunswick whose sole asset is a multifamily rental property located at 50 Noel Ave., Saint John, N.B. (see ViveRE press release dated April 11, 2019). As $25,000 of this debt is owed to a non-arms length party, the Company will seek disinterested shareholder approval for the issuance of 125,000 of the Common Shares at its Annual and Special Meeting of Shareholders on May 31, 2019. The issuance of the shares is subject to receipt of final Exchange approval.
Further to ViveRE's press release dated January 21, 2019, ViveRE is issuing an aggregate of 550,000 common shares of the Company to a number of officers, directors and consultants for ongoing services pursuant to consulting agreements between the Company and each of Trimaven Capital Advisors, Dr. Brian Ramjattan, THLA Services Ltd and Aconi Financial Corp Ltd (the "Consultants") in the amount of $110,000 for the three months ended February 28, 2019 in accordance with the provisions of Exchange Policy 4.3 - Shares for Services. The deemed price of these common shares is $0.20. As all of the Consultants are non-arm's length parties, the Company will seek disinterested shareholder approval for the issuance of 550,000 of the Common Shares at its Annual and Special Meeting of Shareholders on May 31, 2019. The issuance of the shares is subject to receipt of final Exchange approval.
In accordance with the terms of ViveRE's outstanding 12% Convertible Debentures, the Company intends to settle $38,769.40 of interest payable for the six month period ending April 30, 2019, with the issuance of 280,524 common shares. The issuance of the common shares is subject to receipt of final Exchange approval.
About ViveRE Communities Inc.
ViveRE is a real estate acquisition and ownership company, focused on recently built or recently refurbished, highly leased multi-residential properties in secondary markets across Canada. The Company aims to satisfy the needs of the newly emerging 55+ resident. This demographic is changing the way residential rental apartments cater to their requirements. Their desire for community, along with services and convenience amenities, has led to the emergence of the Naturally Occurring Retirement Community or "NORC". Apartments are the next "home", after years of owning they look to the carefree lifestyle provided through renting in a community of their peers. ViveRE intends to consolidate this emerging market niche across the country.
Forward-looking statements
This news release contains forward-looking statements relating to the future operations of ViveRE and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "aims", "intends", "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the Acquisition, the Offering, the receipt of requested TSXV and securities regulatory approvals, and the future plans and objectives of ViveRE Communities Inc, are forward-looking statements that involve risks and uncertainties, and are necessarily based on a number of assumptions that, while considered reasonable by management, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from ViveRE Communities Inc.'s expectations include other risks detailed from time to time in the filings made by ViveRE Communities Inc. with securities regulators.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of ViveRE Communities Inc. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and ViveRE Communities Inc. will only update or revise publicly the included forward-looking statements as expressly required by Canadian securities law.
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 press release.
For further information, please contact:
Michael Anaka
Chief Executive Officer
902-440-7579
SOURCE: ViveRE Communities Inc.