FREDERICTON, Sept. 14 /CNW/ - Plazacorp Retail Properties Ltd. (PLZ:TSX Venture Exchange) announced today that it has increased the amount that it intends to raise in its previously announced 8% convertible debenture offering from $5 million to $10 million. Plazacorp has also included an over-allotment provision for up to 25% of the offering. The debentures, which bear interest at 8.0% per annum, payable quarterly, will mature on October 14, 2014 and will be convertible into Plazacorp common shares at the option of the holder at any time at $3.40 per common share. Plazacorp will also have the right to redeem the debentures after October 14, 2012 under certain terms and conditions. Net proceeds from the sale will be used to finance future acquisitions, to retire existing debt and for general corporate purposes.
The debentures will be offered to Canadian Residents in reliance on statutory exemptions from prospectus and registration requirements. The debentures are RRSP eligible and are subject to the approval of the TSX Venture Exchange.
Plazacorp Retail Properties Ltd. is an owner of shopping malls and strip plazas throughout the Atlantic Provinces, Québec and Ontario. Plazacorp, as at September 14, 2009 now owns interests in 98 properties comprising 4.4 million square feet of retail real estate.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information: Earl Brewer, Chairman or Kim Sharpe, Director of Business Development, (506) 451-1826; www.plaza.ca