- ApartmentLove (APLV) signs term sheet for debt facility in connection with a previous acquisition
- The term sheet was signed with a New York based lender for a term debt facility of up to $10,000,000
- The completion of the loan facility is subject to the parties entering into applicable definitive agreements
- It has also completed the first tranche of its non-brokered private placement of up to $1,000,000 in principal amount of convertible debentures
- ApartmentLove Inc. provider of residential rental marketing services to landlords and renters nationwide
- ApartmentLove Inc. (APLV) is trading at C$0.18 as of January 10 at 3:68 pm EST
ApartmentLove Inc. (APLV) has signed a term sheet with a New York-based lender for a term debt facility of up to $10,000,000.
This financing will support its previously announced acquisition of substantially all the assets of a Florida-based Internet listing company, ILS Network.
The completion of the loan facility is subject to the parties entering into applicable definitive agreements and all required regulatory approvals.
ApartmentLove intends to complete a concurrent brokered private placement of its common shares in connection with the acquisition and the loan facility.
Trevor Davidson, President and CEO of ApartmentLove, noted,
“This facility provides ApartmentLove with the capital it needs to complete more than just the proposed acquisition.”
“[…], we will then be able to execute on our growth through acquisition mandate while continuing to pursue our 2022 organic growth model across North America, Europe, and elsewhere around the world,” added Davidson.
It has also completed the first tranche of its non-brokered private placement of up to $1,000,000 in principal amount of convertible debentures of AprtmentLove in the aggregate principal amount of $425,000.
The convertible debentures have a two-year term and bear interest at 10 per cent per annum.
All or a portion of the outstanding principal and/or accrued interest under the convertible debentures can be converted into common shares at a conversion price of $0.25 per common share, at the option of the holder.
ApartmentLove anticipates closing the final tranche of the private placement of convertible debentures on or about January 31, 2022.
ApartmentLove Inc. provider of residential rental marketing services to landlords and renters nationwide.
Promoting residential rental properties in every major market in Canada and the United States, ApartmentLove has active rental listings in 30 countries on 5 continents around the world.
ApartmentLove Inc. (APLV) is trading at C$0.18 as of January 10 at 3:68 pm EST.
