LAKEVIEW HOTEL INVESTMENT CORP. – LHIC HOLDERS APPROVE THE ACQUISITION
WINNIPEG, MB, 20 December 2021 / CNW / – Lakeview Hotel Investment Corp. (“LHIC“or the”company“) (TSXV: LHR) today announced the closing of the plan of arrangement, which was first announced in a press release issued November 10, 2021, under which: 13487369 Canada Inc. (“Equity buyer“) acquired all of the outstanding common shares of Lakeview (the”Commmon Actions“) for $ 0.02 per share in cash for a total consideration of $ 391,156.12; ii) 13487326 Canada Inc. has acquired all of the outstanding Series C Debentures and Series D Debentures from Lakeview for $ 74.03 through $ 1,000 unpaid principal under the Series C Debentures and Series D Debentures, for an aggregate consideration of $ 1,356,673.78 and $ 752,144.80, respectively, and all accrued and unpaid interest owed to holders of Debentures will be surrendered, settled and extinguished without consideration; iii) Purchaser of Shares paid to LHIC or for the benefit of LHIC approximately $ 15,000,000 for LHIC to pay and satisfy all amounts owed by LHIC to its loan syndicate led by ATB Financial, and to pay certain costs associated with the aforementioned transaction
The Common Shares, Series C Debentures and Series D Debentures will each be delisted from the TSX Venture Exchange (the “TSX“) in force at the close of business on December 21, 2021.
If you hold your Common Shares, Series C Debentures or Series D Debentures (collectively, âSecurities“) through a broker, investment dealer, bank, trust company or other intermediary, your securities will automatically be exchanged for cash without further action on your part Please contact your broker or other nominee through whom you held your securities for further information and assistance.
ABOUT LAKEVIEW HOTEL INVESTMENT CORP.
LHIC is a Canadacompany based in the hotel sector, which includes room rental, catering and other ancillary services. The Company operates a portfolio of five hotels, namely: Lakeview Inn and Suites, Okotoks; Lakeview Inn and Suites, Fort Saskatchewan; Lakeview Inn and Suites, Fort Saint-Jean; Lakeview Inn and Suites, Chetwynd; and Lakeview Inn & Suites, Edson Airport West.
This press release contains forward-looking information and statements within the meaning of applicable Canadian securities laws (hereinafter referred to as “forward-looking statements“) which involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from future results, performance or achievements expressed or implied by such forward-looking statements. All information and statements in this press release that are not statements of historical fact may be forward-looking statements, as well as future or conditional verbs such as âwillâ, âshouldâ, âshouldâ and âcouldâ. often identify forward-looking statements.In particular, forward-looking statements contained in this press release include, without limitation,: closing of the Transaction on the terms and on the schedule set forth herein or at all, and payment of termination fee to Parent in some or all circumstances. Such statements or information are only e predictions and reflect my management’s current beliefs about future events and are based on information currently available to management. Actual results and events may differ materially from those contemplated by these forward-looking statements due to the fact that such statements are subject to a number of risks and uncertainties.
We should not place undue reliance on these forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will be achieved. By their nature, forward-looking statements involve assumptions and known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that predictions and other forward-looking statements will not occur. Some of the assumptions made by Lakeview, upon which these forward-looking statements are based, include, but are not limited to: closing of the transaction on the terms set out herein or at all, payment of the reverse termination fee in certain circumstances, and receipt of approvals and financing required for the Transaction.
A number of factors could cause actual results to differ materially from those expressed or implied by forward-looking statements, including, but not limited to: existing economic conditions; unexpected changes in financial markets (including the price of Lakeview securities); changes in the general economic and commercial conditions of one or more of Lakeview and its subsidiaries, and one of the conditions of the transaction is not fulfilled. If any of the risks or uncertainties to which Lakeview and its subsidiaries materialize, or if the assumptions underlying forward-looking statements prove to be incorrect, actual results, performance, activities or achievements could differ materially from those expressed or implied by the forward-looking statements contained in this press release. Readers are cautioned that the foregoing list of risks is not exhaustive. Additional information on these and other factors that could affect the operations or financial results of Lakeview and its subsidiaries is included in the Information Circular in connection with the Arrangement Approval Meeting, including one copy will be available under Lakeview’s profile on SEDAR (www.sedar.com).
Although Lakeview believes that the expectations represented by the forward-looking statements contained in this document are reasonable based on the information available to it as of the date of this press release, management cannot assure investors that the results, performance or achievements actual will comply with these forward-looking statements. staring statements. All forward-looking statements contained herein are made as of the date of this press release and Lakeview assumes no obligation to update or revise them to reflect new information, events or circumstances, except as required by law. required.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Lakeview Hotel Investment Corp
For further information: Rudy Beyer, Chief Financial Officer, Tel. : (204) 975-0623, Fax: (204) 957-1697, Email [emailÂ protected]