Business News • MarketWire • Prime City One Capital Corp. Announces Sale of Real Estate Asset |
Prime City One Capital Corp. Announces Sale of Real Estate Asset |
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Prime City One Capital Corp. Announces Sale of Real Estate Asset
TORONTO,
ONTARIO--(Marketwire - Jan. 21,
2010) - Prime City One Capital Corp. (TSX VENTURE:PMO) (the
"Corporation" or "Prime City"), announces the sale of the
remaining 50% interest in the Richmond Hill development property (60% of which
is owned by the Corporation and 40% of which is owned by a director of the
Corporation). The Purchaser of this 50% interest is the holder of the other 50%
interest in the property. The aggregate purchase price to be paid for the 50%
interest in this property is $1.2 million. As the Corporation owns 60% of the
foregoing interest, its proportion of the gross sale proceeds will be $720,000.
The proceeds from this sale will be used to repay all outstanding indebtedness
owing to the secured debenture holders of the Corporation, which is
approximately $676,000 in principal and $16,000 in accrued but unpaid interest.
An aggregate of approximately $26,000 in realty and consulting fees are payab
View More : http://www.marketwire.com/mw/release.do?id=1105608&sourceType=3
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