CALGARY, Alberta--(BUSINESS WIRE)--Please replace the release with the following corrected version due to revisions.
The corrected release reads:
WALTON BIG LAKE DEVELOPMENT L.P. ANNOUNCES ASSET SALE
Walton Big Lake Development L.P. (the "Partnership"), and its general partner, Walton Big Lake Development Corporation (the "General Partner" and, together with the Partnership, "Walton Big Lake"), announced today that Walton Big Lake has entered into an asset purchase and sale agreement (the "Purchase Agreement") with Anthem Properties Group Ltd. ("Anthem") pursuant to which Walton Big Lake has agreed to transfer to Anthem all of the lands, contracts and other assets (collectively, the "Property") which are associated with Walton Big Lake's ongoing development project named "Hawks Ridge at Big Lake" (the "Project"). The Property comprises all or substantially all of the assets of Walton Big Lake. In consideration for the transfer of the Property, Anthem has agreed to assume all of the indebtedness outstanding from Walton Big Lake to MCAN Mortgage Corporation, Concentra and Canadian Western Bank, as the senior lender syndicate, and Kingsett Capital as the mezzanine lender. As a result of the transactions described above (the "Transaction"), no payments will be made by Walton Big Lake to its equityholders, and no payments will be made to unsecured creditors that are related parties of Walton Big Lake. Transaction costs incurred by Walton Big Lake in relation to the Transaction and certain other trade payables will be satisfied by Walton Global Investments Ltd. so that the closing of the Transaction may occur without additional cost to Walton Big Lake or its equityholders. Closing of the Transaction is subject to completion of customary closing conditions.
Notice is hereby given that an application will then be made to the Court of Queen's Bench of Alberta for the dissolution of the General Partner pursuant to the Business Corporations Act (Alberta) (the "Dissolution"). The application in respect of the Dissolution (the "Application") shall take place at 10:00 a.m. on Thursday, October 31, 2019, at the Court of Queen's Bench of Alberta, Calgary Courts Centre, 601 5 St SW, Calgary, AB. If the Application is approved by the Court, it is anticipated that, following closing of the Transaction, the General Partner will promptly dissolve the Partnership pursuant to the provisions of the October 26, 2010 Amended and Restated Limited Partnership Agreement, after which the Dissolution will be completed.
Walton is a multinational real estate investment, planning, and development group concentrating on the research, acquisition, administration, planning and development of strategically located land in major North American growth corridors.
Its communities are comprehensively designed in collaboration with local residents for the benefit of community stakeholders. Its goal is to build communities that will stand the test of time: hometowns for present and future generations.
For more information about Walton Big Lake Development L.P., please visit www.sedar.com. For more information about Walton, visit www.Walton.com. For information about Hawks Ridge at Big Lake visit www.hawksridge.ca.
This news release, required by Canadian laws, does not constitute an offer of securities, and is not for distribution or dissemination outside Canada. This news release contains forward looking information, and actual future results may differ from what is disclosed in this news release. The risks, uncertainties and other factors that could influence results are described in the prospectus and other documents filed with Canadian securities regulatory authorities and available online at www.sedar.com.