1940972 Alberta Ltd acquired assets of Imperial Distributors Canada Inc. from Imperial Equities Inc. for CAD 10 million.
January 05, 2016
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1940972 Alberta Ltd acquired assets of Imperial Distributors Canada Inc. from Imperial Equities Inc. (TSXV:IEI) for CAD 10 million on December 31, 2015. Under the terms of deal, 1940972 Alberta Ltd will pay CAD 2.1 million in cash on the closing date and a further cash sum of CAD 1.2 million on or before January 22, 2016 for a total cash payment of CAD 3.3 million. This cash payment contemplates the CAD 2.8 million shareholder loan to be paid in full plus an initial payment of CAD 0.5 million to be applied toward the share price. The balance of the share price being CAD 1 million will be carried by Imperial and shall be paid by the 1940972 Alberta to Imperial in 2 annual payments of CAD 0.5 million each, on each anniversary date following the closing date. 90 days following the closing date, Sine Chadi, President of IDCI will continue to act as General Manager of IDCI following which he will resign and the 1940972 Alberta shall take over all aspects of IDCI management. The deal was subject to certain escrow conditions, contemplates all aspects of the operations of IDCI to remain as a going concern.
1940972 Alberta Ltd completed the acquisition of assets of Imperial Distributors Canada Inc. from Imperial Equities Inc. (TSXV:IEI) on December 31, 2015.
Imperial Equities Inc. is a Canada-based company that is focused on the acquisition, development and/or redevelopment of real estate assets. The Companyâs operations consist of the acquisition, development and redevelopment of industrial, agricultural, and commercial properties primarily in Edmonton and throughout Alberta and in British Columbia. Its property portfolio includes ALS Building, Clear Water Bottling Building, Central Distribution Building, Coppertone I Building, Coppertone II Building, Core Distribution Building, Day and Ross Crossdock Facility, Dynomax Building, EPCOR Building, Essential Energy Building, Master Group Building, Rocky Mountain Equipment Building and more. Its subsidiaries include Imperial Equities Properties Ltd. (IEPL), Imperial One Limited, Imperial Two Limited, Imperial Three Limited, Imperial Four Limited, Imperial Five Limited, Imperial Six Limited, Imperial Seven Limited, and Imperial Eight Limited.