BURLINGTON, ONTARIO -- (Marketwired) -- 09/16/14 -- Tempus Capital Inc. ("Tempus" or the "Company") announces it has closed a private placement financing for common shares, and entered into a purchase agreement for an additional property.
Financing
The Company issued 6,875,000 common shares for cash proceeds of $550,000. Funds received were used to repay vendor financing with respect to the 32,000 sq ft commercial/retail plaza acquisition announced December 19, 2013.
New Property
Tempus has entered into an Agreement of Purchase and Sale for the acquisition of a commercial/residential building in southwestern Ontario (the "Property"). The purchase price for the Property is $2,625,000 and will be satisfied by cash, first mortgage financing and common shares of Tempus at a price of $0.12 per common share. The transaction is subject to due diligence review including environmental assessment, and the waiving of certain conditions by the vendor. The transaction is expected to close in October 2014.
Letter of Intent with Panda
Tempus also is continuing with its previously announced Letter of Intent dated December 5, 2013 with Panda Capital Inc. ("Panda") whereby Panda will acquire all of Tempus' common shares in exchange for Panda common shares (the "Proposed Transaction"). Panda is a Capital Pool Company whose shares are currently listed on the NEX division of the TSXV. The Proposed Transaction is intended to be Panda's Qualifying Transaction pursuant to TSXV policies and is subject to regulatory approval.
Grant of Options
Tempus has also recently granted 890,000 incentive stock options to officers, directors and consultants. The stock options have an exercise price of $0.10, a term of five year years, and vested on the date of grant.
About Tempus
Tempus is a real estate operating company and a reporting issuer in British Columbia, Ontario and Alberta. None of Tempus' securities trade through any stock exchange or quotation facility.
On behalf of the board of directors
Tempus Capital Inc.
Russell Tanz, President and CEO
1-416-446-7898
This press release may contain certain forward-looking statements, which reflect Management's expectations regarding the Company's completion of the proposed Portfolio acquisition and the anticipated closing date thereof constitute forward-looking statements. Whenever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict" or "potential" or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect Management's current beliefs and are based on information currently available to management as at the date hereof. Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, Tempus cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and Tempus assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law. Many factors could cause Tempus' actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. No regulator nor any Regulation Services accepts responsibility for the adequacy or accuracy of this press release. This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.
Contacts:
Tempus Capital Inc.
Russell Tanz
President and CEO
1-416-446-7898
