Parkit Opens Offering To Equity; Identifies Properties For Acquisition
Vancouver, B.C., March 10, 2014 - Parkit Enterprise Inc. (“Parkit” or the “Company”) (TSX-V: PKT) – is pleased to announce that a portion of the Company’s current private placement financing of convertible debentures (“Convertible Debenture Offering”), will be done by way of an equity private placement financing of Units at $0.30 per Unit (“Unit Offering”).
Each Unit will consist of one common share and one half-share purchase Warrant, each whole Warrant entitling the holder to purchase one common share for the price of $0.50 per share for a period of 24 months following the date of issuance. The Warrants will be subject to an acceleration provision such that if the closing price of the Company’s shares is equal or greater to $0.95 per share for 20 consecutive trading days at any time following four months after issuance, the Company may, by notice to the Warrant holders, reduce the remaining exercise period of the Warrants to not less than 30 days following the date of such notice.
Finder’s fees may be payable in connection with the financing.
Proceeds from the Convertible Debenture Offering and the Unit Offering will be used to establish a Parking Acquisition Fund (“PAF”) and finance Company infrastructure growth. Following closing, Parkit will launch a PAF Limited Partnership Offering (“LP Offering”), the proceeds of which will be used to acquire an identified portfolio consisting of seven properties with an asset value of $85 million. The properties are diversified by type and located in four states across the U.S.
All Offerings 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
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
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 news release.
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.