This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

TG Residential To Acquire Residential Property In Manitoba As Qualifying Transaction

The portion of the purchase price to be paid in cash will be funded through the Company's current working capital and the proceeds of the brokered private placement described below.

The Company's obligation to complete the purchase of the Property is subject to the Company receiving Exchange Approval of the Acquisition.

About the Property

The Property is a newly renovated former commercial building consisting of six storeys. The building currently consists of retail commercial space on the first floor and basement levels and five storeys of apartment units above the commercial space. The civic address of the Property is 100 Princess Street, Winnipeg, Manitoba.

The commercial floor space is presently 100% occupied and the residential units are 60% rented by unit count. Once the residential units are completely leased it is anticipated that the aggregate monthly rent from the retail commercial space and the residential units will be well in excess of $120,000 per month.

The Vendor

The Vendor is a limited partnership, the general partner of which is Taurean Latitude I GP Inc., an Alberta company controlled by Ashish Garg. The Vendor owns 100% of the Property.

Private Placement

The Company has appointed MGI Securities Inc. (" MGI") as its exclusive agent for a brokered private placement using the "Accredited Investor" and "Offering Memorandum" prospectus exemptions, where applicable in the following proposed jurisdictions: British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Nova Scotia and Newfoundland and such other jurisdictions as the Company and MGI may agree, on the terms set out below (the " Financing").

The terms of the Financing are as follows:

  • A minimum of 20,000,000 and a maximum of 45,000,000 subscription receipts (the " Subscription Receipts") at a price of $0.20 per Subscription Receipt, where each Subscription Receipt will be automatically exchanged for one (1) unit (each a "Unit") in the capital of the Company upon completion of the Qualifying Transaction (the "Closing"), which will be evidenced by the publication of the Exchange Bulletin.
  • Each Unit to be comprised of one common share of the Company (a " Unit Share") and one common share purchase warrant (each such whole warrant, a " Warrant").
  • Each Warrant will entitle its holder to purchase one common share of the Company at an exercise price of $0.30 for a period of 36 months from the date of Closing.
  • The Warrants will be subject to an accelerated expiry date if the Company's common shares trade at $0.40 or higher for a period of 20 consecutive trading days after the date that is 12 months after the date of Closing (the " Acceleration Right").
  • The Company will pay MGI a cash commission of up to 8% of the aggregate proceeds raised under the Financing and issue MGI compensation options (the " Agent's Compensation Options") to purchase that number of units (the " Agent's Units") as is equal to up to 8% of the aggregate number of Units issued pursuant to the Financing, each Agent's Compensation Option being exercisable at an exercise price of $0.20 per Agent's Unit for a period of 36 months from date of Closing. Each Agent's Unit will be comprised of one common share of the Company and one common share purchase warrant of the Company (an " Agent's Warrant"), where each Agent's Warrant is exercisable into one common share of the Company at an exercise price of $0.30 for a period of 36 months from the date of Closing.
  • The proceeds of the sale of the Subscription Receipts will be held in escrow (the " Escrowed Proceeds") pending publication of the Exchange Bulletin. Upon publication of the Exchange Bulletin, the Escrowed Proceeds will be released to the Company. Upon receipt of the Escrowed Proceeds, the Subscription Receipts will be automatically exchanged into the underlying Unit Shares and Warrants. Proceeds of the Financing will be used to fund the Acquisition, cover the costs of the Financing and for general working capital purposes.

The Company plans to rely on an exemption from the Exchange requirement to engage a Sponsor for its Qualifying Transaction.

2 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,356.87 +288.00 1.69%
S&P 500 2,012.89 +40.15 2.04%
NASDAQ 4,644.3120 +96.4780 2.12%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs