Mr. Anthony Cohen reports

GULF & PACIFIC EQUITIES CORP. ANNOUNCES A MORTGAGE REFINANCING OF ST. PAUL SHOPPING CENTRE, IN ST. PAUL, ALBERTA AND TRI-CITY MALL, IN COLD LAKE, ALBERTA WITH CANADIAN WESTERN BANK

On May 19, 2016, Gulf & Pacific Equities Corp. completed a mortgage refinancing with Canadian Western Bank (CWB) for the company's St. Paul Shopping Centre in St. Paul and Tri-City Mall in Cold Lake, both in Alberta.

The financing replaces the existing mortgages for the St. Paul Shopping Centre in the amount of $4,475,040 and Tri-City Mall in the amount of $17,041,968, representing the current balance of the existing mortgages. The interest rate remains the same at the bank's prime rate plus 1.5 per cent.

A demand non-revolving loan of up to $1-million secured by the St. Paul Shopping Centre was completed, and $250,000 was received on the closing on May 19, 2016. The balance of $750,000 will be drawn in accordance with the agreement. The interest rate is the bank's prime rate plus 1.5 per cent.

The mortgages mature on Sept. 1, 2029, and can be converted to a fixed-annual-rate mortgage.

"We are pleased to work with Canadian Western Bank, a banking leader in Western Canada with a common sense approach and commitment to building strong banking relationships," said Anthony Cohen, president and chief executive officer of Gulf & Pacific. "The new financing reflects the value of our flagship malls and the competitive interest rate will add to the company's bottom line."

We seek Safe Harbor.