TORONTO, ONTARIO–(Marketwired – May 8, 2017) – CHC Student Housing Corp. (“CHC” or the “Company”) (TSX VENTURE:CHC) announces that it has been granted a management cease trade order (the “MCTO”) by its principal regulator, the Ontario Securities Commission (the “OSC”). As previously announced on May 1, 2017, the Company’s application for the MCTO resulted from the Company’s inability to file its audited annual financial statements (the “Financial Statements”), management’s discussion and analysis and related certifications for the fiscal year ended December 31, 2016 (the “Required Records”) on or before May 1, 2017, as required under applicable securities laws. The MCTO restricts trading in securities of the Company by certain insiders of the Company until such time as the Required Records have been filed by the Company and the MCTO is no longer in effect. The MCTO does not affect the ability of shareholders who are not insiders of the Company to trade their securities.
As CHC has also previously announced, it is proceeding with a non-brokered private placement (the “Private Placement”) to raise a minimum of $600,000 and a maximum of $1,000,000 through the issuance of a minimum of 342,857 common shares and a maximum of 571,429 common shares at a price of $1.75 per share. The Private Placement is scheduled to close on or about May 11, 2017. Following the completion of the Private Placement, the Company intends to have its auditors complete the audit of the Financial Statements as soon as possible and expects to be able to file the Required Records no later than May 19, 2017.
The Company confirms that it intends to satisfy the provisions of the alternative information guidelines found in section 10 of National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults and issue bi-weekly default status reports for so long as the delay in filing the Required Records is continuing, each of which will be issued in the form of a press release. The Company is not subject to any insolvency proceedings nor is there in other material information concerning the affairs of the Company that has not been generally disclosed.
About CHC Student Housing Corp.
CHC Student Housing Corp. is Canada’s only publicly traded company offering high-quality purpose-built student housing properties strategically located on campus or in close proximity to universities and colleges providing students a safe and secure living environment, affordable prices and high-quality amenities. CHC is focused on student housing in primary and well understood secondary markets in Canada.
Forward-Looking Information
Certain information set out in this press release constitutes forward-looking information. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “intend”, “could”, “might”, “should”, “believe” and similar expressions. In particular, this press release contains forward-looking statements in respect of among other things, the filing of the Required Records and the timing thereof and the completion of the Private Placement and the timing thereof. Forward-looking statements are based upon the opinions and expectations of management of the Company as at the effective date of such statements and, in certain cases, information provided or disseminated by third parties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, risk factors set forth in the Company’s most recent management’s discussion and analysis, a copy of which is filed on SEDAR at www.sedar.com, and readers are cautioned that the risk factors disclosed therein should not be construed as exhaustive. These statements are made as at the date hereof and unless otherwise required by law, the Company does not intend, or assume any obligation, to update these forward-looking statements.
Neither the TSX Venture Exchange (“TSXV”) nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Mark Hansen
President and Chief Executive Officer
(647) 288-9355
[email protected]
