ViveRE Announces Closing of Common Share Offering for Gross Proceeds of $2,500,000

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HALIFAX, NS, May 18, 2021 /CNW/ - ViveRE Communities Inc. (TSX.V: VCOM) ("ViveRE" or the "Company") is pleased to announce that it has closed its previously announced offering (the "Offering") of common shares ("Common Shares"). A total of 12,500,000 Common Shares were sold at a price of $0.20 per Common Share, for aggregate gross proceeds of $2,500,000. The Offering comprised both a non-brokered tranche of $2,055,000 and a brokered tranche of $445,000. Echelon Wealth Partners Inc., Cormark Securities Inc., Desjardins Capital Markets and Canaccord Genuity Corp. (collectively, the "Advisors") acted as financial advisors to the Company for the non-brokered tranche. The brokered tranche was completed by Echelon Wealth Partners Inc.

ViveRE Communities Inc. logo (CNW Group/ViveRE Communities Inc.)
ViveRE Communities Inc. logo (CNW Group/ViveRE Communities Inc.)

The net proceeds from the Offering will be used to fund targeted acquisitions of premium multi-unit properties and for general corporate purposes.

The Common Shares are subject to a 4 month hold period. Certain insiders of the Company subscribed for an aggregate of 3,375,000 Common Shares. The Company's material change report in relation to the insiders' participation in the Offering will not have been filed at least 21 days before the closing of the Offering as their participation was not known at that time.

In consideration for their service, finders' fees of $123,300 are to be paid to the Advisors and a commission of $26,700 (equal to 6.0% of the gross proceeds raised by Echelon Wealth Partners Inc.) was paid on the brokered tranche.

The Common Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold in the United States absent registration under or an applicable exemption from the registration requirements of the U.S. Securities Act. This press release does not constitute an offer to sell or the solicitation of an offer to buy the shares herein described, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.

About ViveRE Communities Inc.

ViveRE continues to execute its plans to acquire recently built or refurbished, highly leased multi-residential properties in bedroom communities across Canada. The Company aims to satisfy the needs of the newly emerging 55+ resident. The demographic that has changed the world is now changing the way residential rental apartments cater to their requirements. Their desire for community, along with service and convenience amenities has led to the emergence of the 55+ active living segment. Apartments are the next "home", after years of owning they look forward to the carefree lifestyle provided through renting in a community of their peers. ViveRE intends to consolidate this emerging market niche. The Company currently owns over 500 units in New Brunswick and Ontario. ViveRE has also developed a robust pipeline of qualified properties for potential acquisition. By screening the properties identified to match the criteria set out by the Company (proximity to healthcare, amenities, services and recreation), management has identified a significant pipeline of potential acquisitions for consideration by the Company's Board of Directors.

Forward-looking statements

This news release contains forward-looking statements relating to the future operations of ViveRE and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "aims", "intends", "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the use of proceeds from the Offering, and the future plans and objectives of ViveRE Communities Inc., are forward-looking statements that involve risks and uncertainties, and are necessarily based on a number of assumptions that, while considered reasonable by management, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from ViveRE Communities Inc.'s expectations include other risks detailed from time to time in the filings made by ViveRE Communities Inc. with securities regulators.

Forward-looking information in this news release includes expectations relating to: the pipeline for future acquisitions which may be impacted by ViveRE's ability to negotiate suitable terms, due diligence, access to capital and market conditions; operating results which may be impacted by unexpected vacancies and maintenance expenses; availability of capital which may be impacted by the results of the offering, capital market and borrowing condition.

The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of ViveRE Communities Inc. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and ViveRE Communities Inc. will only update or revise publicly the included forward-looking statements as expressly required by Canadian securities law.

Neither the 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 press release.

On behalf of the Board of Directors of ViveRE Communities Inc.

SOURCE ViveRE Communities Inc.


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