Toronto, Ontario--(Newsfile Corp. - August 13, 2019) - On August 9, 2019, Sun Residential Real Estate Investment Trust (the "Issuer") completed its initial public offering of 5,000,000 trust units (the "IPO") issued at a price of $0.10 per unit pursuant to an amended and restated prospectus dated July 26, 2019 and a concurrent private placement of 40,000,000 trust units issued at $0.10 per unit (the "Private Placement" and, together with the IPO, the "Transaction") resulting in aggregate gross proceeds to Sun of $4,500,000.
Before the Transaction, Daniel Argiros, Trustee of the Issuer (the "Acquiror"), held 1,777,760 trust units purchased at a price of $0.05 per trust unit and representing approximately 17.76% of the 10,000,000 trust units then issued and outstanding (purchased for an aggregate subscription price of $88,888). Pursuant to the Private Placement, the Acquiror acquired 9,090,000 trust units for an aggregate subscription price of $909,000. As a result, the Acquiror now owns 10,867,760 trust units of the Issuer, representing approximately 19.76% of the Issuer's 55,000,000 issued and outstanding trust units.
Mr. Argiros acquired the trust units for investment purposes. Depending on market conditions and other factors, the Acquiror may from time to time acquire additional securities of the Issuer, or continue to hold or dispose of some or all of the securities of the Issuer by private agreement or otherwise.
The Acquiror can be contacted at 9 Cluny Drive, Toronto, ON M4W 2P8. A copy of the early warning report in connection with the foregoing will appear under the Issuer's profile on the SEDAR (www.sedar.com). For further information or to obtain a copy of the early warning report, please contact Gordon Wiebe, Chief Executive Officer of the Issuer at (403) 923-4343 or via email [email protected].
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