NexLiving Communities Inc. (TSXV:NXLV) entered into an agreement to acquire Portfolio of Multi-Family Assets in Ontario and Québec from Devcore Group Inc. on January 21, 2024. As consideration for the Acquisition Portfolio, NexLiving will issue approximately 16.5 million shares of NexLiving to Devcore. The implementation of the Transaction will be subject to the approval of a simple majority of votes cast by NexLiving shareholders at a special meeting expected to be convened by NexLiving shareholders in the first half of 2024, the receipt of applicable regulatory approvals, including Competition Act and CMHC approval, the approval of the TSX Venture Exchange, and certain other customary closing conditions.

Upon closing of the Transaction, Jeff York, Co-owner of the seller and former co-CEO at Farm Boy Inc will be appointed as Chairman of NexLiving's board of directors (the "Board") and Rick Turner will serve as Vice Chairman of the Board. Following closing of the Transaction, NexLiving will continue to be managed by the current NexLiving management team and the Board will consist of Jeff York (Chairman), Rick Turner (Vice Chairman), Stavro Stathonikos (CEO), Michael Anaka, Bill Hennessey, Jean-Pierre Poulin and Francis Pomerleau. Assuming a successful closing of the Transaction, Dr. Brian Ramjattan, David Pappin, Drew Koivu and Andrea Morwick are expected to step down from the current board.

The NexLiving Board has unanimously determined that the Transaction is in the best interests of the Company and has recommended that shareholders vote in favour of the Transaction at the Meeting. Echelon Capital Markets has provided a fairness opinion to the Board. Stikeman Elliott LLP acted as a legal counsel to NexLiving.

Cormark Securities Inc. acted as a financial advisor and Norton Rose Fulbright LLP acted as a legal counsel to Devcore. The Transaction is expected to close during the end of the second quarter of 2024.