Toronto, Ontario--(Newsfile Corp. - January 30, 2020) - On January 28, 2020, Sun Residential Real Estate Investment Trust ("Sun") completed its previously disclosed Qualifying Transaction (as such term is defined in Policy 2.4 of the Corporate Finance Manual of the TSX Venture Exchange) and concurrent private placement of 148,338,999 trust units issued at a price of C$0.115 per unit, resulting in aggregate gross proceeds to Sun of approximately C$17,058,985.
Before the private placement, Daniel Argiros, a trustee of Sun (the "Acquiror), held 10,867,760 units representing approximately 19.6% of the 55,000,000 units then issued and outstanding (purchased for an aggregate subscription price of approximately C$997,888). Pursuant to the private placement, the Acquiror acquired 869,565 units (the "Purchased Units") for an aggregate subscription price of approximately C$100,000. As a result, the Acquiror now owns 11,737,325 units, representing approximately 5.8% of Sun's 203,338,999 issued and outstanding units.
The Acquiror acquired the Purchased Units for investment purposes. Depending on market conditions and other factors, the Acquiror may from time to time acquire additional securities of Sun or continue to hold or dispose of some or all of the securities of Sun by private agreement or otherwise.
The Acquiror can be contacted at 9 Cluny Drive, Toronto, ON M4W 2P8. A copy of the early warning report in connection with the foregoing will appear under Sun's profile on SEDAR (www.sedar.com). For further information or to obtain a copy of the early warning report, please contact Jeffrey Sherman, Chief Financial Officer of Sun at (416) 729-7592 or via email email@example.com.
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