KINGSWAY ARMS RETIREMENT RESIDENCES INC. ("KWA") BULLETIN TYPE: Property-Asset or Share Disposition Agreement BULLETIN DATE: June 4, 2014 TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing documentation pertaining to an Agreement of Purchase and Sale (the "Agreement"), dated March 25, 2014, as amended on May 6, 2014, between Kingsway Arms Retirement Residences Inc. (the "Company") and Seasons Retirement Communities LP (the "Purchaser"), whereby the Company has agreed to sell its Clarington Retirement Residence (the "Property"), located in Bowmanville, Ontario for CDN$27,345,000. The Company will utilize the funds received to fully discharge the outstanding mortgage obligations on the Property and will utilize the remaining funds for working capital purposes. For further information, please refer to the Company's news releases dated May 12, 2014, May 27, 2014 and June 3, 2014. ________________________________________
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