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Findev Inc

Exchange: TSXV Exchange | Nov 24, 2017, 8:03 AM EST

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Findev Inc. Announces an Advance of Mezzanine Financing to Plazacorp




Findev Inc. Announces an Advance of Mezzanine Financing to Plazacorp



Toronto, Ontario (FSCwire) - Findev Inc. (“Findev” or the “Corporation”) (TSX-V: FDI), today announced the advancement of a mezzanine loan in the amount of $1.3 million to Plazacorp Investments Limited.  The loan bears interest at the rate of 12% per annum and matures on March 20th 2018.

 

With this loan, it brings the total aggregate of our loan and mortgage portfolio to $15 million yielding a blended annual interest rate of 10.6%.

 

About Plazacorp

 

Plazacorp (www.pureplaza.com) is one of Toronto’s most experienced residential condominium construction and development organizations, with over 5,000 condominium suites either already completed or under construction in Toronto.  Its communities can be found in many of Toronto’s most desirable urban neighbourhoods including Yorkville, North Toronto, King West, Queen West, Lawrence Park, Liberty Village, The St. Lawrence Neighbourhood, Harbourfront, Mt. Pleasant Village and more.

 

About Findev

 

Findev (www.findev.ca) is a real estate investment firm that operates as a finance and execution partner in quality development ventures.  Findev focuses on residential and retail projects within the GTA and deploys capital in varied financial structure models that span the debt/equity spectrum.

 

On behalf of the Company,

 

Sruli Weinreb, CEO
(647) 789 - 5188
sweinreb@findev.ca

 

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

 

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Forward-Looking Statements

 

Certain statements in this document may constitute “forward-looking” statements, which involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this document, such statements use words like “may”, “will”, “expect”, “continue”, “believe”, “plan”, “intend”, “would”, “could”, “should”, “anticipate” and other similar terminology. These statements reflect current assumptions and expectations regarding future events and operating performance and speak only as of the date of this document. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the “Risk Factors” section of the Corporation’s the most recently filed Annual Report which is available on SEDAR at www.sedar.com.

 

Although the forward-looking statements contained in this document are based upon what we believe are reasonable assumptions, we cannot assure investors that our actual results will be consistent with these forward-looking statements. We assume no obligation to update or revise these forward-looking statements to reflect new events or circumstances, except as required by securities law.



To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/findev03202017.pdf

Source: Findev Inc. (TSX Venture:FDI)

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