2022-05-26 | TSXV:YEG | Press release


Edmonton,albertaTheNewswire – (May 26,2022)YorktonEquityBandInc. (“Yorkton” or the “” Company) (TSXV: YEG) is pleased to report its financial results for the quarter ended March 31, 2022.

Mr. Ben Lui, President and Chief Executive Officer of Yorkton, said, “Our first quarter 2022 financial results continue to show the importance of the rapid pace of real estate acquisitions completed in 2021 and the first quarter of 2022. Value total of our portfolio more than tripled compared to March 31, 2021 and our net rental income almost quadrupled compared to the first quarter of 2021. We intend to continue the acquisitions of new investment properties until the end of 2022 and focus on on streamlining our operations to improve net operating income (NOI) by investing in cost savings, using technology and leveraging economies of scale.”

First Quarter 2022 Financial Highlights

  • The Company acquired two (2) new multi-family properties on January 31, 2022, namely Canterbury Estates and Midtown Apartments, located in Fort St. John, British Columbia.

  • Total rental income increased approximately 440% from $113,625 to $615,061 in Q1 2022. Net rental income increased approximately 300% from $92,701 to $367,822 in Q1 2022. This increase is mainly attributable to the acquisition of multi-family properties in 2021 and in Q1 2022. and was partially offset by lower rental income from the Pacific Mall acquired in 2020 (Edmonton, AB) due to health mandates COVID-19 imposed by the government. The company expects Pacific Mall rental revenue to improve by the end of 2022 as the COVID-19 health mandate has been relaxed.

  • During the first quarter of 2022, Yorkton successfully completed non-brokered private placements of unsecured convertible debentures for aggregate gross proceeds of $2,809,000 as well as the issuance of 1,552,800 common share purchase warrants. The convertible debentures bear interest at the rate of 7% per annum, payable annually in cash and mature five (5) years after the date of issue. The principal amount of each convertible debenture may, at the option of the holder of the convertible debenture, be convertible, in whole or in part, into common shares at a conversion price of $0.60 per common share. The common share purchase warrant is exercisable into one common share of the Company at a price of $0.60 per common share for a period of five (5) years from the date of issue.

About Yorkton

Yorkton Equity Group Inc. is a growth-oriented real estate company committed to providing its shareholders with growing assets through accretive acquisitions, organic growth and active management of multi-family rental properties. with significant growth potential. Our geographic focus is on BC’s secondary markets with diverse and growing economies and high population immigration. Our business objectives are to achieve stable net operating income (“NOI”) and growing net asset value (“NAV”) in our portfolio of multi-family rental properties by deploying a risk-averse business model to create the ultimate value for our shareholders. Yorkton Equity Group Inc. is built on the solid foundations of the Yorkton group of companies with strong financial capability and over 30 years of real estate experience.

Further information about Yorkton is available on the Company’s website at www.yorktonequitygroup.com and on SEDAR’s website at www.sedar.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For more information about Yorkton, please contact:

Ben Lui, CEO – Headquarters: (780) 409-8228

Yorkton Equity Group Inc. – Shareholder Communications: (780) 907-5263

Email: [email protected]

Forward-looking information

This press release may contain forward-looking information within the meaning of Canadian securities laws regarding Yorkton’s business. Forward-looking information is based on certain key expectations and assumptions made by Yorkton’s management. Although Yorkton believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on forward-looking information because Yorkton cannot guarantee that it will prove to be accurate. The forward-looking statements contained in this press release are made as of the date of this press release. Yorkton disclaims any intention or obligation to publicly update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in the United States. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or any applicable securities law or of any state of the United States and may not be offered or sold in the United States or for the account or benefit of any person in the United States absent an exemption from the registration requirement.

Copyright (c) 2022 TheNewswire – All Rights Reserved.

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