/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES./
TORONTO, March 1, 2021 /CNW/ - Parkit Enterprise Inc.
("Parkit" or the "Company") (TSXV: PKT), is pleased to announce
that it has entered into an agreement with Stifel GMP and
Scotiabank as joint bookrunners and co-lead underwriters
(collectively, the "Underwriters"), to increase the size of its
previously announced bought deal private placement offering.
Pursuant to the upsized deal terms, the Underwriters have agreed to
purchase, on a bought deal private placement basis, 23,340,000
Common Shares of the Company ("Common Shares") at a price of
$1.50 per Common Share, for aggregate
gross proceeds of $35,010,000 (the
"Offering").
The Underwriters have also been granted an option, exercisable
in whole or in part any time up to 48 hours prior to the closing
date of the Offering, to purchase for resale up to an additional
3,501,000 Common Shares at the Offering Price, for aggregate gross
proceeds to the Company of $40,261,500 in the event the
Underwriters exercise this option in full.
Concurrent with the Offering, the Company intends to issue and
sell additional Common Shares for additional gross proceeds of
approximately $5,000,000 on the same
terms as the Offering to certain insiders and subscribers
designated by the Company. The concurrent non-brokered private
placement is expected to be settled via cash subscription, asset
contribution, or a combination thereof.
The Company plans to use the net proceeds from the Offering
primarily to fund future acquisitions of strategically located
industrial properties across key markets in Canada, with a focus on the GTA+, Ottawa and Montreal. The Offering is
scheduled to close on or about March 18,
2021 (the "Closing Date") and is subject to certain
conditions including, but not limited to, the receipt of all
necessary approvals including the approval of the TSX Venture
Exchange.
The Common Shares will be subject to a hold period under
applicable Canadian securities laws expiring on the date that is
four months and one day following the Closing Date.
The Common Shares will be offered on a private placement basis
in all provinces and territories of Canada. The Common Shares will also be offered
in the United States on a private
placement basis pursuant to available exemptions from the
registration requirements of the United States Securities Act of
1933, as amended (the "1933 Act"), and in such other jurisdictions
outside of Canada and the United States, as mutually agreed by the
Company and the Underwriters, in each case in accordance with all
applicable laws.
About Parkit Enterprise Inc.
Parkit is an industrial real estate platform focused on the
acquisition, growth and management of strategically located
industrial properties across key markets in Canada, with a focus on the Greater Toronto
Area+ ("GTA+"), Ottawa and
Montreal, to complement its
parking assets across the United
States.
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.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in
the United States. The securities
have not been and will not be registered under the 1933 Act or any
state securities laws and may not be offered or sold within
the United States or to U.S.
Persons unless registered under the 1933 Act and applicable state
securities laws or an exemption from such registration is
available.
Forward-Looking Information: This press release contains
"forward-looking information" within the meaning of applicable
Canadian securities legislation. All statements, other than
statements of historical fact, included herein is forward-looking
information. Generally, forward-looking information may be
identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "proposed", "is expected",
"budgets", "scheduled", "estimates", "forecasts", "intends",
"anticipates" or "does not anticipate", or "believes", or
variations of such words and phrases, or by the use of words or
phrases which state that certain actions, events or results may,
could, would, or might occur or be achieved. In particular, this
press release contains forward-looking information in relation to:
statements as to the Offering and the concurrent private placement;
the use of proceeds from the sale of Common Shares, the Closing
Date and the receipt of regulatory approvals in connection with the
Closing of the Offering. Such statements are subject to risks and
uncertainties that may cause actual results, performance or
developments to differ materially from those contained in the
statements. These risks, uncertainties, and factors may include,
but are not limited to general business uncertainties, and in
particular uncertainties relating to the impact and duration of
COVID-19 on future financial performance. No assurance can be given
that any of the events anticipated by the forward-looking
statements will occur or, if they do occur, what impacts they will
have on the Company. A description of additional risk factors that
may cause actual results to differ materially from forward looking
information can be found in Parkit's disclosure documents on the
SEDAR website at www.sedar.com. Although Parkit has attempted to
identify important factors that could cause actual results to
differ materially from those contained in forward-looking
information, there may be other factors that cause results not to
be as anticipated, estimated or intended. Accordingly, readers
should not place undue reliance on forward-looking information.
Readers are further cautioned not to place undue reliance on
forward-looking information as there can be no assurance that the
plans, intentions or expectations upon which they are placed will
occur. Such information, although considered reasonable by
management at the time of preparation, may prove to be incorrect
and actual results may differ materially from those anticipated.
Forward-looking information contained in this press release is
expressly qualified by this cautionary statement. The
forward-looking information contained in this press release
represents the expectations of Parkit as of the date of this press
release and, accordingly, are subject to change after such date.
However, Parkit expressly disclaims any intention or obligation to
update or revise any forward-looking information, whether as a
result of new information, future events or otherwise, except as
expressly required by applicable securities law.
SOURCE Parkit Enterprise Inc.
