Regal Lifestyle Communities completes public offering of common shares

On March 21, 2014, Regal Lifestyle Communities Inc. (Regal) completed its previously announced public offering of common shares with a syndicate of underwriters, co-led by CIBC and TD Securities, on a bought deal basis. A total of 2,968,150 common shares, including those issued pursuant to the exercise of the over-allotment option granted to the underwriters, were issued at a price of C$7.75 per common share for total gross proceeds of approximately C$23 million.

The aggregate net proceeds from the offering will be used by the company to partially fund the acquisition of two "current generation" retirement homes — the Sunwood Retirement Home in Maple Ridge, British Columbia and the Birkdale Retirement Home in Milton, Ontario — as well as for general corporate purposes.

Regal Lifestyle Communities owns and operates a portfolio of 14 income-producing retirement communities offering a continuum of care, from independent serviced living to a full range of assisted living programs.

Further information can be found on Wall Street Journal's website.