18:38:26 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Kingsway Arms Retirement Residences Inc
Symbol KWA
Shares Issued 18,620,000
Close 2015-08-28 C$ 0.06
Market Cap C$ 1,117,200
Recent Sedar Documents

Kingsway Arms closes Aurora retirement centre sale

2015-08-31 06:34 ET - News Release

Mr. Dan Amadori reports

KINGSWAY ARMS RETIREMENT RESIDENCES INC. CLOSES SALE OF AURORA RETIREMENT CENTRE

Kingsway Arms Retirement Residences Inc. is providing the following update regarding the sale of its retirement centre in Aurora, Ont.

The company announces that pursuant to the agreement of purchase and sale entered into with an arm's-length party, 2112691 Ontario Ltd., it concluded the sale of the company's retirement centre in Aurora, Ont., which comprises substantially all of the assets of the company. The sale transaction was concluded after the close of business on Friday, Aug. 28, 2015. The company filed a copy of the APS on SEDAR on July 22, 2015, and the APS and the sale transaction were described at greater length in the company's management information circular dated June 22, 2015, for the annual and special meeting of shareholders of the company held on July 23, 2015, as well as in its press release of July 3, 2015.

The purchase price in the sale transaction was $5.4-million and the sale transaction closed subject to a $30,000 holdback to be released to the company on or before Dec. 31, 2015, pending completion of several postclosing undertakings by the company. From the proceeds received on the closing date, the company has fully discharged the outstanding mortgage obligations on the Aurora property and has discharged all costs relating to the closing, including real estate agent fees, and legal and accounting fees relating to the transaction.

The company will now evaluate its options to optimize shareholder value. A special meeting of shareholders has been called for Sept. 30, 2015.

We seek Safe Harbor.

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