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Fronsac REIT raises C$5M in private placement

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Fronsac REIT raises C$5M in private placement

Fronsac REITraised roughly C$5.0 million in a just-completed of 12,820,512 units.

The units, which were issued to investors at 39 Canadiancents apiece, are subject to a hold period ending Nov. 15.

The company will use the proceeds for acquisitions andworking capital purposes.

Board membersMichael Zakuta, Guy Laframboise, Richard Chicoine and Francois-Olivier Laplanteparticipated in the offering. Zakuta subscribed for 970,000 units throughZ-Corp Financial 2007 Ltd., Laframboise subscribed for 1,089,744 units throughLaframboise Holding Inc., Chicoine subscribed for 128,206 units through GestionImmobiliere MSC Inc. and Laplante subscribed for 1.0 million units. Thesubscriptions bring the percentage of units held by Zakuta, Laframboise,Chicoine and Laplante to 7.2%, 7%, 2.5% and 1.7%, respectively.