Toronto, Ontario–(Newsfile Corp. – August 14, 2020) – Trillium Acquisition Corp. (TSXV: TCK.P) (“Trillium” or the “Company“) is pleased to announce that, on August 10, 2020, it entered into a binding agreement to acquire from 104 Nanaimo Holdings Ltd. (the “Vendor“) a freehold interest in a multi family site and existing shopping centre property at 4750 Rutherford Road, Nanaimo, British Columbia, covering 64 acres, and rights that include Sports Mall contracts and seven (7) exclusive Canadian trademark rights (collectively, the “Property“) for an aggregate purchase price of $320 million (the “Transaction“), whereby the conditional allocation of the purchase price is $120 million for the land and buildings, $100 million for the Sports Mall contracts and $100 million for the trademark rights. The Transaction is an arm’s-length transaction and will constitute Trillium’s “Qualifying Transaction”, pursuant to Policy 2.4 of the TSX Venture Exchange (the “TSXV“). The Transaction is not considered a “Non-Arm’s Length Qualifying Transaction”, as such term is defined in Policy 2.4 of the TSXV, and therefore does not require shareholder approval.
Trading in the common shares of Trillium has been halted in accordance with the policies of the TSXV and will remain halted until such time as all required documentation in connection with the Transaction has been filed with and accepted by the TSXV and permission to resume trading has been obtained from the TSXV.
Summary of the Transaction
Trillium will be purchasing a freehold interest in a prime British Columbia multi family development site. Located in Nanaimo, British Columbia, the 64 acre well positioned land parcel is currently improved with a 650,000 sq ft regional shopping centre, which is anchored by Canadian Tire, Marks Work Warehouse, Lowes, London Drugs, Cineplex, Dollarama and Fairway Markets. The land is fully entitled for approximately 3,000 multi-family units. In addition, the Canadian rights to build multi family communities utilizing 7 proprietary trademarks, all providing a market defensible position and tenant anchored with Sports Mall Villages. Following completion of the Transaction, Trillium intends to apply for listing on the TSXV as a Tier 1 real estate issuer.