BTB Real Estate Investment Trust (TSXV:BTB.UN) plans to issue 15 million units, the REIT said Monday.

The REIT has reached an agreement with a syndicate of underwriters led by National Bank Financial Inc. and Dundee Securities Corp. and including Canaccord Genuity Corp. and HSBC Securities (Canada) Inc. to issue to the public, subject to regulatory approval, on a bought deal basis, 15 million trust units at a price of $0.67 per unit representing gross proceeds of $10.1 million.

The REIT has granted the underwriters an over-allotment option to purchase up to an additional 2.25 million units at the same offering price. The option is exercisable in whole or in part at any time up to 30 days after closing.

The net proceeds from this offering (will be used to fund future property acquisitions, to repay indebtedness and for general trust purposes, the BTB says.

BTB also announced that subject to fulfilling the TSX listing requirements, the REIT will transfer its listing from the TSX Venture Exchange to the TSX. A further notice of listing will be issued.

IE