Emergia Inc. (CNSX:EMER) entered into a binding agreement to acquire a 31% stake in Portfolio of six Retail Plazas in six cities in Ontario for CAD 40.7 million on February 22, 2022. The purchase price for the acquisition is approximately CAD 40.69 million and is anticipated to be paid through a combination of cash, assumption of debt and the issuance to the vendors of up to approximately CAD 10.14 million of class “A” common shares at a price of CAD 1.00 per Share. The closing is subject to customary conditions and expected to take place on February 28, 2022.

As of March 2, 2022 Emergia Inc. (CNSX:EMER) has completed the first closing of the transaction. The first Closing represents approximately 90.7% of the purchase price for the acquisition of the Interest in the Portfolio, representing approximately CAD 36.9 million out of the CAD 40.7 million total purchase price, which has been paid through a combination of assumption of debt and the issuance to the vendors of CAD 9.4947 million worth of class “A” common shares of the Corporation at a price of CAD 1.00 per share. The transaction was unanimously approved by the Board of the Corporation. The closing for the balance of the transaction, is expected to take place on March 15, 2022.