Boston Development Corp. Announcement.CALGARY Calgary (kăl`gərē), city (1991 pop. 710,677), S Alta., Canada, at the confluence of the Bow and Elbow rivers. The largest city in Alberta and the fastest-growing major city in Canada, Calgary is a corporate, transportation, and financial , Alberta--(BUSINESS WIRE)--Aug. 22, 1997--Boston Development C(Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). BTN BTN In currencies, this is the abbreviation for the Bhutan Ngultrum. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. .) Boston Development Corp. (the "Corporation"), trading on The Alberta Stock Exchange under the symbol "BTN" announces that the shareholder meeting for the approval of the proposed Major Transaction is scheduled for September 24, 1997. The principle component of the Major Transaction consists of the non-arm's length acquisition of $13,163,950 of real estate properties located in Alberta, Saskatchewan and Manitoba through the issuance by the Corporation of approximately 15,596,790 Common Shares at a price of either $0.20 or $0.50 per share and by the issuance of Share Purchase Warrants to acquire 2,700,000 Common Shares of the Corporation. The Corporation will be assuming approximately $8,649,592 in first mortgages and $585,000 in second mortgages. The properties consist of four multi-family rental properties containing an aggregate of 266 suites, a 33,000 square foot land assembly consisting of 6 rental houses, a 55,000 square foot office/warehouse and 74 units in a 156 unit, 17 storey high-rise condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. conversion. The Corporation will also issue 1,000,000 Common Shares and Share Purchase Warrants to acquire an additional 1,000,000 Common Shares to one of the second mortgagees at a price of $0.50 per Common Share and Share Purchase Warrant on a private placement basis for net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of $500,000. All of the Share Purchase Warrants issued will each be exercisable within 2 years at a price of $1.25 per Common Share. The proposed Major Transaction is subject to regulatory approval and the approval of the shareholders of the Corporation. -0- NOTE TO EDITORS: The Alberta Stock Exchange has neither approved nor disapproved the information contained herein. CONTACT: Boston Development Corp. Neil Evans Neil Evans was an Australian football (soccer) commentator appearing on the Australian Fox Sports network. Evans in particular used to host the program Total Football, with Robbie Slater which focuses on Australian Soccer including the Socceroos and the A-League. , 306/955-6012 or 403/209-0312 306/955-3446 (FAX) |
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