Edmonton, Alberta – July 22, 2021 – Yorkton Equity Group Inc. (“YEG” or the “Company”) (TSX.V: YEG) announces the closing of the first tranche of the non-brokered private placement unit offering (“Offering”) of 1,126,336 units at $0.30 per unit for gross proceeds of $337,900.80. Each Unit is comprised of one (1) common YEG share and one (1) common YEG share purchase warrant (“Warrant”), whereby each Warrant entitles the holder to purchase one (1) common YEG share at a price of $0.45 for a period of two (2) years from the date of closing.
In the event of acceleration, the expiry date will be accelerated to a date that is thirty (30) days after the date that written notice has been given to the warrant holder or the date that the Company has issued a press release announcing the exercise of the acceleration right; and thereafter, no further notification will be provided by the Company to the subscribers. The shares and warrants issued pursuant to the Offering shall be subject to a four (4) month hold from the date of closing.
The Company intends to use the proceeds from the Offering towards the purchase of the Langford, Victoria Property as announced on April 19, 2021, as well as renovations and upgrades to the Riviera Gardens Property, and general working capital.
Yorkton Equity Group Inc. is a fully integrated growth-oriented real estate investment company committed to providing shareholders with growing assets through the accretive acquisitions, organic growth, and the active management of multi-family rental properties with significant upside potential. Our geographical focus is in primary and secondary markets across Canada with diversified, growing economies, and strong population in-migration, with a current focus in British Columbia. Our business objectives are to achieve stable Net Operating Income (NOI) and growing Net Asset Value (NAV) in our multi-family rental property portfolio by deploying a risk averse business model to create the ultimate value proposition for our shareholders. Yorkton Equity Group Inc. is built on the solid foundations of the Yorkton Group of companies with strong financial capacity, and well over 30 years of real estate experience.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information on Yorkton, please contact:
Ben Lui, CEO – Corporate Office: (780) 409-8228
Yorkton Equity Group Inc. – Investor Relations: (780) 907-5263
This press release may include forward-looking information within the meaning of Canadian securities legislation concerning the business of Yorkton. Forward-looking information is based on certain key expectations and assumptions made by the management of Yorkton. Although Yorkton believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Yorkton can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. Yorkton disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in the United States. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or any applicable securities laws or any state of the United States and may not be offered or sold in the United States or to the account or benefit of a person in the United States absent an exemption from the registration requirement.