TSX.V: YEG
Yorkton Equity Group Inc. Announces Contract for Kelowna Property
Edmonton, Alberta – (April 19, 2021) – Yorkton Equity Group Inc. (“YEG” or the “Company”) (TSX.V: YEG) is pleased to announce that the Company has entered into a purchase contract for the acquisition of a townhouse complex within the City of Kelowna, British Columbia (the “Property”). The Property is a 19-unit two storey townhouse complex built in 2019 and situated on a 36,155 sq ft land parcel with an appraised value of $8,900,000 (2021). Each spacious unit is well equipped with modern stainless-steel appliances, in-suite laundry, air conditioning, two parking stalls, and a fenced yard.
Kelowna has become the third-largest metropolitan area in the province (after Vancouver and Victoria) with a growing population of 217,229. With scenic lake vistas, mild climate, and abundant recreational opportunities, Kelowna has become one of the fastest growing cities in North America. Kelowna’s economy is diverse, with a wide array of industries such as agriculture, manufacturing, healthcare, tourism, and technology which has a combined multi-billion-dollar regional impact.
Further to the Company’s press release of March 9, 2021 announcing the private placement (the “Private Placement”) of up to 8,000,000 units at a price of $0.25 per unit for gross proceeds of up to $2,000,000, the Company intends to use the proceeds from the Private Placement towards the purchase of the Langford, Victoria Property, renovations and upgrades to the Riviera Gardens Property, and general working capital. The company intends to pursue additional financing through CMHC to complete the aforementioned activities and to pursue new opportunities.
About Yorkton Equity Group Inc.
Yorkton Equity Group Inc. is a fully integrated, growth-oriented real estate investment company committed to providing shareholders with growing assets, and stable income through the accretive acquisitions, organic growth, and the active management of multi-family rental properties with significant upside potential.
Our geographical focus is in primary and secondary markets across Canada with diversified, growing economies, and strong population in-migration, with an initial focus in British Columbia. Our business objectives are to achieve stable Net Operating Income (NOI) and growing Net Asset Value (NAV) in our multi-family rental property portfolio by deploying a risk averse business model to create the ultimate value proposition for our shareholders.
Yorkton Equity Group Inc. is built on the solid foundations of the Yorkton Group of companies with strong financial capacity, and well over 30 years of real estate experience.
Further information about the Yorkton Equity Group Inc. is available on the Company’s website at www.yorktonequitygroup.com and the SEDAR website at www.sedar.com. Please contact us at investors@yorktonequitygroup.com.
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.
For further information on Yorkton, please contact:
Ben Lui
President and Chief Executive Officer
Tel: (780) 409-8228 (Ext. 222)
Email: ben.lui@yorktongroup.com
Forward-Looking Information
This press release may include forward-looking information within the meaning of Canadian securities legislation concerning the business of Yorkton. Forward-looking information is based on certain key expectations and assumptions made by the management of Yorkton. Although Yorkton believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Yorkton can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. Yorkton disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in the United States. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or any applicable securities laws or any state of the United States and may not be offered or sold in the United States or to the account or benefit of a person in the United States absent an exemption from the registration requirements.