MONTREAL, June 28, 2023 (GLOBE NEWSWIRE) -- (CSE: EMER) Emergia Inc. (the “Corporation or “Emergia”) is pleased to provide the business update of the Corporation.
We are pleased to announce that, thanks to the collaboration from our lenders, all current financings maturing on June 30th will be extended by one year to June 30, 2024.
We are also pleased to announce that the Corporation satisfied all requirements and succeeded in a public tender process for a leasing opportunity with a government agency for premises of approximately 8,000 sq.ft. in our property in Gatineau. Various new leases have also been signed in the same property in the recent months, increasing its leased area by approximately 12,000 sq.ft., representing approximately 48% of its total leasable area. Other ongoing negotiations with new potential tenants are also at their advanced stage. We are confident that the full potential of the property will be reached within the next 12 months.
Progressing at a steady pace, the Bromont development project is still in range for the final approval from the City. The approval process has been delayed by the City of Bromont due to a moratory imposed by the City itself on any new development requiring the construction of additional infrastructures related to aqueduct and sewers. The moratory is expected to end either by the end of 2023 or in the beginning of 2024 (Q1-2024). Concerning the Alliston (Ontario) project, the Corporation is working with different professionals while performing thorough analysis of various alternatives and possible outcomes, including the potential sale of part or whole of the land.
Finally, one private placement has been executed for an amount of $150,000 in pure equity at a price of $0.25 per share, for a total of 600,000 Class A common shares. Management is working on other potential closings.
With all the above financing and project updates, the Corporation has proven its resilience and strength in its efforts of pursuing its long-term business goals, which include a better reflection in the market of its net asset value estimated at approximately $1.70 per share.
ABOUT EMERGIA INC.
EMERGIA operates mainly in Canada in the development, acquisition, and management of multi-purpose real estate, including retail, multifamily, industrial, and office buildings as well as land for future development. The Corporation’s investment platform is based on an integrated, agile and efficient develop-to-own strategy that enables EMERGIA to benefit from development profits and the value-add while securing stable long-term returns.
For more information, please visit www.emergia.com and www.sedar.com. EMER.CN
Source: Emergia Inc.
For more Information, please contact:
Henri Petit
CEO
T: 1.888.520.1414 (Ext. 231)
E: hpetit@emergia.com
Forward-Looking Information
This press release contains forward-looking information within the meaning of applicable securities laws. All information and statements other than statements of historical facts contained in this press release are forward-looking information. Such statements and information may be identified by looking for words such as “about”, “approximately”, “may”, “believes”, “expects”, “will”, “intend”, “should”, “plan”, “predict”, “potential”, “project”, “anticipate”, “estimate”, “continue” or similar words or the negative thereof or other comparable terminology. Such forward-looking information includes, without limitation, statements with respect to the effect of the global market conjuncture on the Corporation’s financial condition, the anticipated closing of the Private Placement, business strategy and plans, and objectives of or involving the Corporation. The forward-looking information is based on certain key expectations and assumptions made by the Corporation, including expectations and assumptions concerning satisfaction of all conditions of closing, absence of exercise of any termination right and the timing and receipt of regulatory approval with respect to the Private Placement and the issuance of the private placement shares and the availability of capital resources. Although the Corporation believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information since no assurance can be given that they will prove to be correct. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the effect of the global market conjuncture on the Corporation’s financial condition, the real estate industry, and society as a whole. the market for the common shares, volatility of market price for common shares and other risks generally attributable to the business of the Corporation. For additional information with respect to risks and uncertainties, refer to the annual MD&A of the Corporation for the year ended December 31, 2021 filed on SEDAR at www. sedar.com.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF THE CORPORATION AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE CORPORATION MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE SECURITIES LEGISLATION.
