Parkit Announces Private Placement of Convertible Debentures to establish Parking Acquisition Fund
Vancouver, B.C., December 09, 2013 – Parkit Enterprise Inc. (the "Company") (TSX‐V: PKT) – is pleased to announce a private placement of up to $3 million convertible debentures (a “Convertible Debenture Offering”). Proceeds will be used to establish a parking acquisition fund (“PAF”) and finance Company infrastructure growth. In the first quarter of 2014, Parkit expects to launch a PAF limited partnership offering (“LP Offering”), the use of proceeds of which is intended to acquire an identified portfolio of properties.
The convertible debentures will bear interest at the rate of 8% per annum, payable quarterly, and will mature two years from the date of issuance (the “Maturity Date”). The convertible debentures will be convertible on or before the Maturity Date, at the option of the holder, into common shares of the Company at a conversion rate of $0.50 per Unit.
Industrial Alliance Securities will act as lead agent in the Convertible Debenture Offering and the Limited Partner-ship Offering.
The Convertible Debenture Offering and PAF LP Offering are subject to necessary regulatory approvals.
Parkit Enterprise Inc. acquires income-producing commercial real estate with a focus in the parking sector. Parkit built, owns and currently operates a 4,200 stall, LEED Gold certified parking facility at Denver International Airport with our partner Propark America. www.canopyairportparking.com & www.propark.com
Parkit intends to acquire, optimize and aggregate a diversified portfolio of parking facilities across North America. www.parkitenterprise.com
About Industrial Alliance:
Industrial Alliance Securities Inc. is a full-service investment firm, a member of IRROC and the Canadian Investor Protection Fund, and a wholly owned subsidiary of Industrial Alliance Insurance and Financial Services Inc. (“IAG”). Founded in 1892, IAG is a life and health insurance company with operations in all regions of Canada as well as in the United States. IAG offers a wide range of life and health insurance products, savings and retirement plans, RRSPs, mutual and segregated funds, securities, auto and home insurance, mortgage loans and other finan-cial products and services for both individuals and groups. The fourth largest life and health insurance company in Canada, Industrial Alliance contributes to the financial security of over three million Canadians and employs 4,400 people. With the recent acquisition of Jovian Capital Corporation on October 1st, IAG now manages and adminis-ters about $95 billion in assets. Industrial Alliance stock is listed on the Toronto Stock Exchange under the ticker symbol IAG.
ON BEHALF OF THE BOARD
President and CEO
Parkit Enterprise Inc.
Parkit Enterprise Inc.
Suite 1088 - 999 West Hastings Street
Vancouver, British Columbia
Canada V6C 2W2
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Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them.