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Details of this Private Placement:
Each Convertible Debenture will have an issue price of
Each Convertible Debenturewill mature on the date that is five (5) years from the date of issuance of the Convertible Debenture (the “Term”). The principal amount of each Convertible Debenture may, at the option of the Convertible Debenture holder, be convertible, in whole or in part during the Term, into Common Shares at a conversion price of
For a period of thirty (30) calendar days following the third (3rd) and fourth (4th) anniversary after the closing date, the Convertible Debenture holder has the right, but not the obligation, to retract the principal amount of the Convertible Debenture (“Retraction Rights”), not previously converted or redeemed, by providing notice to the Company (the “Retraction Notice”) so that the principal amount owing under the Convertible Debenture, and any accrued and unpaid interest thereon, will be payable in cash by the Company on the date that is one hundred and eighty (180) calendar days after receipt of the Retraction Notice by the Company.
The Company, after a period of thirty-six (36) months following the date of closing, will also have the right, but not the obligation, to redeem the principal amount and any unpaid interest of the Convertible Debenture in cash, without penalty, at any time prior to the date of maturity by providing a thirty (30) calendar day notice period (the “Redemption Notice”) to the Convertible Debenture holder by way of a written notice or a press release duly disseminated.Within ten (10) business days after receipt of the Redemption Notice, the Convertible Debenture holder, at its sole discretion, may request for a Conversion (of the principal amount only exclusive of any interest component which is payable in cash only) from the Company by the issuance of Common Shares. All rights to Conversion lapses ten (10) business days after receipt of the Redemption Notice.
The Convertible Debentures and any Common Shares issuable upon conversion will be subject to a statutory hold period lasting four months and one day following the closing date.
The Company intends to use the proceeds from the Offering for the continued acquisition of multi-family rental properties in strategic markets consistent with its secure and aggressive growth business model, and general working capital.
About Yorkton
The management team at
Further information about Yorkton is available on the Company’s website at www.yorktonequitygroup.com and the SEDAR website at www.sedar.com.
Neither the
For further information on Yorkton, please contact:
Email: investors@yorktonequitygroup.com
Forward-looking information
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 press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in
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Copyright (c) 2023 TheNewswire - All rights reserved., source