Little Canada closes $14M preferred share financing

Little Canada closes $14M preferred share financing

Our Home & Miniature Land Inc., dba Little Canada, has completed a $14 million preferred share financing, issuing 5,600,000 preferred shares at a price of $2.50 per share.

The financing closed in tranches with an initial tranche closed in January 2020. Management participated in the financing, other investors were not disclosed. Previous investors include Skunkworks Investment Corporation, an affiliate of Canso Investment Counsel Ltd.

Little Canada is a leisure entertainment and educational attraction for residents, tourists, and school groups as well as corporate/special event clients. The attraction, which includes 45,000 square feet of subway/PATH accessible indoor space, will be located at 10 Dundas East near Yonge and Dundas in Toronto.

Little Canada intends to use proceeds for attraction and facility fit-out and construction, attraction destinations build-out and installation, attraction operations and marketing and working capital to expand the organisation and market the attraction for opening.

Climate Change Infrastructure Management Inc. and Silver Maple Ventures Inc. acted as financial advisors for the offering. WeirFoulds LLP acted as legal counsel to the company.

News Release

Little Canada Announces the Successful Completion of Financing, including an Over-Allocation Amount Français

TORONTO, Feb. 12, 2020 /CNW/ – Our Home & Miniature Land Inc., dba Little Canada (“Little Canada” or the “Company”), is pleased to announce it has successfully completed the previously announced $12,500,000 preferred share (“Preferred Share”) financing (the “Offering”). Due to excess demand, the Company additionally expanded the financing (“Over-Allocation Amount”) by $1,500,000, or 12%, which has now been successfully completed. Total Preferred Shares issued equaled 5,600,000 at a price of $2.50 per Preferred Share for gross proceeds of $14,000,000.

“A pivotal point in creating an astonishing experience of Canada was reached by securing the lease at 10 Dundas Street East. In addition, our over-subscribed capital raise was a great success,” said Founder and President Jean-Louis Brenninkmeijer. “I am delighted after nine years in the making, we now have everything in place to bring Little Canada to Toronto’s many diverse communities, a friendly and welcoming place, accessible to everyone.” “I am also honoured to have the support of now over 200 investors, made up of many that followed-on into this round, in addition to over 75 new investors”.

“Once Little Canada successfully secured its world-class location, the supportive community surrounding the company, investors small to large, with a heavy focus on families, came forward to help make this business vision a reality” said Bill Tharp, CEO of Tangerine Tango, who led the financing. “Jean-Louis and the wonderful Little Canada team assembled are building out a sound, alternative-investment business that leads with a heart – a truly Canadian, double-bottom line investment scenario”.

Use of proceeds includes attraction and facility fit-out and construction, attraction destinations build-out and installation, attraction operations and marketing and working capital to expand the organisation and market the attraction for opening.

About Little Canada
Little Canada, an awe-inspiring new attraction that takes visitors on an immersive journey through Canada in miniature, is set to open in summer 2020 in the heart of downtown Toronto at 10 Dundas East, Yonge-Dundas Square.

To learn more about Little Canada and how you can become part of something small, visit www.little-canada.ca. #beapartofsomethingsmall

SOURCE : PRIVATE CAPITAL JOURNAL

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