Delavaco Properties Completes Debenture Offering for Aggregate Gross Proceeds of US$10,000,000
December 20, 2012
FORT LAUDERDALE, FLORIDA and TORONTO, ONTARIO--(Marketwire - Dec. 20, 2012) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
Mr. Andrew DeFrancesco, Chairman of Delavaco Properties Inc. (the "Company") is pleased to announce that the Company has completed a private placement offering of 7.5% Subordinated Unsecured Convertible Debentures due December 20, 2014 (the "Debentures") at a price of US$1,000 per Debenture, for aggregate gross proceeds of US$10,000,000 (the "Offering").
The Offering agents are a syndicate of investment dealers comprised of GMP Securities L.P. as the sole lead agent and book runner, Canaccord Genuity Inc., PowerOne Capital Markets Limited and Clarus Securities Inc.
The net proceeds from the Offering will be used primarily to fund the Company's single family residential property acquisitions in the United States and for the maintenance and renovation of such properties.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Delavaco Properties Inc.
Delavaco Properties is a real estate investment firm specializing in the acquisition and subsequent leasing of distressed residential real estate in the United States. The Company currently holds a portfolio of over 650 residential properties.
Delavaco Properties was founded and is currently managed by Dallas Wharton and the principals of Delavaco Capital, a private equity firm headquartered in Fort Lauderdale, Florida with offices in Toronto, Canada and Bogota, Colombia.