Regal Lifestyle Communities completes C$27 million public offering of common shares

On June 5, 2014, Regal Lifestyle Communities Inc. (Regal) completed its previously announced public offering of common shares with a syndicate of underwriters, led by CIBC, on a bought deal basis. A total of 3,530,000 common shares were issued at a price of C$7.65 per common share for total gross proceeds of approximately C$27 million.

The company also granted the underwriters an over-allotment option to purchase up to an additional 529,500 common shares on the same terms and conditions, exercisable in whole or in part at any time, up to 30 days after the closing of the offering. On June 19, 2014, the underwriters purchased an additional 440,000 common shares under the over-allotment for total gross proceeds of approximately C$3.4 million, which increased the total gross proceeds of the public offering to approximately C$30.4 million.

The net proceeds from the offering will be used to pay for a portion of the purchase price for Regal's acquisition of a portfolio of seven multi-unit retirement communities located in the Province of Québec from ELAD Genesis Limited Partnership.

Further information can be found on Canada Marketwired's website.

Regal Lifestyle Communities owns a portfolio of 16 income-producing retirement communities offering a continuum of care, from independent serviced living to a full range of assisted living programs.