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True North Commercial pulls in C$9.3M in private placement

True NorthCommercial REIT raised gross proceeds of about C$9.3 million in aprivate placement of 1,580,855 trust units at C$5.85 apiece.

The company sold 1,538,120 units to a CIBC CapitalMarkets-led group of three agents for gross proceeds of about C$9.0 million,and 42,735 units to D.D. Acquisitions Partnership, an entity controlled by TrueNorth President, CEO and Chairman Daniel Drimmer, for roughly C$250,000 ingross proceeds. As of July 20, Drimmer holds a roughly 18.75% effectiveinterest in the REIT.

True North will use the proceeds to satisfy the cash portionof the purchase price of two properties in Mississauga, Ontario, including theproperty at 6865 Century Ave.

The funds may also go toward general corporate purposes.