AIP Realty Trust Extends Price Reservation on Non-Brokered Private Placement

Strategic Insights -

AIP Realty Trust has received approval from the TSX Venture Exchange to extend the price reservation on its non-brokered private placement by 30 days until August 23, 2024. The trust is planning to close a second tranche and any additional tranches thereafter, also on or before August 23, 2024. The private placement consists of the issuance of up to 6,000,000 Preferred Units Series B Convertible, priced at US$0.50 per unit, for aggregate gross proceeds of up to US$3,000,000. The trust has already issued 1,100,000 Preferred Units, generating US$550,000 in gross proceeds. The proceeds will be used for working capital and general corporate purposes.

Key Takeaways:

  • AIP Realty Trust has extended the price reservation on its non-brokered private placement by 30 days until August 23, 2024.
  • The trust is planning to close a second tranche and any additional tranches thereafter on or before August 23, 2024.
  • The private placement consists of the issuance of up to 6,000,000 Preferred Units Series B Convertible for aggregate gross proceeds of up to US$3,000,000.
  • The trust has already issued 1,100,000 Preferred Units for aggregate gross proceeds of US$550,000.
  • The trust plans to use the proceeds for working capital and general corporate purposes.
  • AIP Realty Trust has a growing portfolio of AllTrades branded Serviced Industrial Business Suites (SIBS) light industrial flex facilities, with an initial focus on the Dallas-Fort Worth market.
  • The trust holds exclusive rights to finance the development of and to purchase all the completed and leased properties built across North America by its development and property management partner, AllTrades Industrial Properties, Inc.

Statistics:

  • Maximum number of Preferred Units Series B Convertible to be issued: 6,000,000 units
  • Maximum aggregate gross proceeds: US$3,000,000
  • Number of Preferred Units already issued: 1,100,000 units
  • Aggregate gross proceeds from the first tranche: US$550,000

Sources:

  • (GlobeNewswire) - AIP Realty Trust (TSXV: AIP.U) press release (no date provided)
  • AIP Realty Trust website (www.aiprealtytrust.com)