The TSX Venture Exchange has accepted for filing documentation with respect to the disposition of the Nelson Ridge Estates property and the Parsons Landing property to a non-arm's-length purchaser. Pursuant to the terms of the purchase and sale agreements dated Oct. 25, 2023, and Oct. 5, 2023, respectively, the company will sell all of its beneficial rights, titles and interests in the properties to the purchaser for aggregate consideration of $43,136,388 satisfied as follows:

• Nelson Ridge Estates property -- aggregate consideration of $21,704,006, consisting of:
  • $20,000 in cash payments through deposits;
  • The assumption of $21,706,760 in mortgages on the Nelson Ridge property;
  • An increase in the amount of $22,754 under the line of credit owed to a sister company of the purchaser.
• Parsons Landing property -- aggregate consideration of $21,432,382, consisting of:
  • $20,000 in cash payments through deposits;
  • The assumption of $35,301,788 in the mortgage on the Parsons property;
  • An increase in the amount of $13,889,406 under the line of credit owed to a sister company of the purchaser.

For further details, please refer to the company's news releases dated Oct. 5, 2023, Oct. 26, 2023, and March 15, 2024.