Cedar Shopping Centers (CDR) Completes Private Placement with RioCan Real Estate Investment Trust
Cedar Shopping Centers, Inc. (NYSE: CDR) has completed the previously-announced private placement with RioCan Real Estate Investment Trust of (i) 6,666,666 shares of Cedar's common stock at a price of $6.00 per share and (ii) a warrant to purchase an additional 1,428,570 shares of common stock at an exercise price of $7.00 per share. The warrant is exercisable at any time during the two-year period following today's closing. The private placement of Cedar stock will result in gross proceeds of $40 million to Cedar, with an additional $10 million of gross proceeds to Cedar upon exercise of the share purchase warrants.
Cedar Shopping Centers, Inc. is a fully-integrated real estate investment trust which focuses primarily on ownership, operation, development and redevelopment of "bread and butter" supermarket-anchored shopping centers in coastal mid-Atlantic and New England states. [SM]
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