HALIFAX, March 23, 2020 /CNW/ - Denis Arsenault ("Denis") announced
today that he has acquired ownership of securities of ViveRE
Communities Inc. (TSXV: VCOM) ("ViveRE"), with its head
office at 1969 Upper Water Street, Suite 2108, Halifax, Nova Scotia, B3J 3R7, for an
aggregate purchase price of $3,500,000.
The securities were purchased in connection with the sale of
certain real estate properties by Denaco Group Ltd., a company
controlled by Denis, to the Issuer, and were acquired for
investment purposes. Denis acquired ownership of 7,291,666 common
shares, representing approximately 10.83% of the common shares
issued and outstanding, 7,000,000 common share purchase warrants,
which, if exercised, represent approximately 9.42% of the common
shares issued and outstanding and a debenture in the principal
amount of $1,750,000, which, if
converted, represent approximately 8.78% of the common shares
issued and outstanding. Each warrant entitles the holder to acquire
one common share of ViveRE for $0.27
at any time up to March 16, 2023.
Denis' joint actor, Denaco Group Ltd., acquired 2,083,333 Common
Shares as part of the transaction, representing approximately 3.09%
of the common shares issued and outstanding. Immediately before the
acquisition, Denis and his joint actors did not own any securities
of ViveRE.
Denis and Denaco Group Ltd. may, from time to time, increase or
decrease their respective holdings of common shares of ViveRE,
depending on market and other conditions.
SOURCE ViveRE Communities Inc.