HALIFAX,
NS, Aug. 3, 2023 /CNW/ - (TSXV: NXLV) -
NexLiving Communities Inc. ("NexLiving" or the "Company") announced
today that the consolidation of its common shares on the basis of
one post-consolidation common share for every twenty
pre-consolidation shares issued and outstanding will be effective
as of market open on August 3, 2023.
The share consolidation was approved by the Company's shareholders
at the annual and special meeting held on June 27, 2023.
The Company's shareholders will receive one post-consolidation
common share for every twenty pre-consolidation shares held by
them. No fractional shares will be issued as a result of the
consolidation. Fractional interests will be rounded to the nearest
whole number of shares without any consideration payable
therefor.
The consolidation affects all the Company's common shares
outstanding on August 3, 2023. As a
result, the number of issued and outstanding shares will be reduced
to 16,539,132 from 330,782,648, subject to treatment of fractional
shares. Each shareholder's percentage ownership in the Company and
proportional voting power will remain unchanged, except for minor
adjustments resulting from the treatment of fractional shares. The
new CUSIP number for the post-consolidation shares is 65344P201 and
the new ISIN number is CA65344P2017. NexLiving's common shares will
continue to trade under the symbol "NXLV" and NexLiving's name will
not change.
Shareholders who hold their shares in brokerage accounts or in
"street name" are not required to take any action to effect an
exchange of their shares.
Registered shareholders will receive a letter of transmittal
from Computershare Investor Services Inc., the Company's transfer
agent. The letter of transmittal will contain instructions on how
registered shareholders can exchange their share certificates
representing pre-consolidation shares for new certificates
representing post-consolidation shares. Until surrendered, each
share certificate representing pre-consolidation shares will
represent the number of whole post-consolidation shares to which
the holder is entitled as a result of the consolidation.
The Company's security-based compensation plans will be adjusted
accordingly. The consolidation will not have any effect on the
number of issued and outstanding common share purchase warrants of
the Company. However, as a result of the consolidation, the number
of shares issuable upon the exercise of each warrant will be
reduced and the exercise price increased, the whole in accordance
with the terms of the instruments governing the warrants.
Management believes that the share consolidation is necessary to
provide the Company with a share structure that will better attract
capital financing and that will provide for future growth
opportunities.
The share consolidation is subject to final approval from the
TSX Venture Exchange.
About the Company
The Company continues to execute on its plan to acquire recently
built or refurbished, highly leased multi-residential properties in
bedroom communities in Atlantic
Canada and Ontario. The
Company aims to deliver exceptional living experiences to our
residents and provide comfortable, affordable housing solutions
that cater to a wide range of demographics. The properties offer a
range of modern and updated suites, with a variety of amenities and
features that allow residents to experience a hassle-free and
maintenance-free lifestyle. The Company is committed to investing
in its properties to ensure that they are modern and up-to-date.
For its recently acquired properties in Ontario, the Company has undertaken a targeted
value-add capital program to modernize and reposition the large
existing suites. The Company currently owns 1,166 units in
New Brunswick and Ontario. NexLiving has also developed a robust
pipeline of qualified properties for potential acquisition. By
screening the properties identified to match the criteria set out
by the Company (proximity to healthcare, amenities, services and
recreation), management has assembled a significant pipeline of
potential acquisitions.
For more information about NexLiving, please refer to our
website at www.nexliving.ca and our public disclosure at
www.sedar.com.
Forward-Looking
Statements
This news release forward-looking information within the meaning
of applicable Canadian securities laws ("forward-looking
statements"). All statements other than statements of
historical fact are forward-looking statements. Often, but not
always, forward-looking statements can be identified by the use of
words such as "plans", "expects", "is expected", "budget",
"scheduled", "projects", "estimates", "forecasts", "intends",
"continues", "anticipates", or "does not anticipate" or "believes"
or variations (including negative variations) of such words and
phrases, or state that certain actions, events or results "may",
"could", "should", "would", "might" or "will" be taken, occur or be
achieved. Forward-looking statements contained in this news release
include, but are not limited to, management's expectations of
additional rental increases to come into effect by year end and the
further enhancement of the Company's financial results. Such
forward-looking statements are qualified in their entirety by the
inherent risks and uncertainties surrounding future expectations.
These forward-looking statements reflect the current expectations
of the Company's management regarding future events and operating
performance, but involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or
achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statements. Actual events could differ
materially from those projected herein and depend on a number of
factors. These risks and uncertainties are more fully described in
regulatory filings, including the Company's Annual Information
Form, which can be obtained on SEDAR at www.sedar.com, under
NexLiving's profile, as well as under Risk Factors section of the
MD&A released on April 13,
2023. Although forward-looking statements contained in this new
release are based upon what management believes are reasonable
assumptions, there can be no assurance that actual results will be
consistent with these forward-looking statements. Accordingly,
readers should not place undue reliance on forward-looking
statements. The forward-looking statements in this new release
speak only as of the date of this news release. Except as required
by applicable securities laws, the Company does not undertake, and
specifically disclaims, any obligation to update or revise any
forward-looking statements, whether as a result of new information,
future developments or otherwise, except as required by applicable
law.
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 press release.
SOURCE NexLiving Communities Inc.