TORONTO, ONTARIO--(Marketwire - July 23, 2012) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
Kingsway Arms Retirement Residences Inc. (TSX VENTURE:KWA) (the "Company" or "Kingsway") provides the following business update:
- Subject to TSX Venture Exchange approval, the Company has secured a $25,000 private placement financing from Dan Amadori, Chair of the Board of Directors. The private placement is structured as a unit offering of 500,000 units, each unit consisting of one common share at a strike price of $0.05 per share together with a common share purchase warrant (a "Warrant") to acquire an additional common share at an exercise price of $0.10 per common share. The Warrants have a 5 year term and will expire on July 23, 2017 if unexercised by that date. The Company will issue 500,000 common shares from treasury for this subscription. Prior to this subscription, Mr. Amadori held no shares of the Company. As a result of this subscription, Mr. Amadori will hold common shares representing 2.94% of the Company's issued and outstanding shares. If all of the Warrants were exercised, Mr. Amadori would hold common shares representing 5.71% of the Company's issued and outstanding shares.
- The Company is actively seeking to recruit two additional directors to the Board and expects to announce such appointments by September 1, 2012.
- The Company continues to seek out new acquisition opportunities and new sources of financing to accommodate such acquisitions.
About Kingsway Arms Retirement Residences Inc.:
Kingsway is the owner of senior housing facilities located in Aurora, Ontario and in Clarington, Ontario. The Corporation continues to actively pursue the acquisition of development of additional senior housing facilities in order to grow the Company's portfolio of properties.
Safe Harbor Statement:
This press release contains forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such forward-looking statements. In particular, factors that could cause actual results to differ materially from those in forward-looking statements include: our inability to obtain additional financing on acceptable terms; risk that our facilities will not gain widespread market acceptance; inability to compete with others who provide comparable facilities. Forward-looking statements speak only as of the date made and are not guarantees of future performance. We undertake no obligation to publicly update or revise any forward-looking statements. When used in this document, the words "believe," "expect," "anticipate," "estimate," "project," "plan," "should," "intend," "may," "will," "would," "potential," and similar expressions may be used to identify forward-looking statements.
This press release is not an offer of securities for sale in the United States. The securities of the Corporation referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended. Securities of the Corporation may not be offered or sold in the United States absent registration or an exemption from registration.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this press release.