Montreal, Quebec--(Newsfile Corp. - June 12, 2024) - Emergia Inc. (CSE: EMER) ("EMERGIA") is pleased to announce the signing of an LOI with Kraken Holdings ("KRAKEN") upon which KRAKEN's real estate holding will be merged with EMERGIA.
The Term Sheet is subject to a 45-day exclusivity period for the completion of due diligence, meeting certain conditions and to negotiate definitive, binding agreements. Mr. Hasan Al-Shawa, Emergia Co-founder and former Chairman, acted as Adviser and worked tirelessly to help conclude the term sheet.
About KRAKEN: Kraken Holding is a leading real estate Developer and Operator in the Abitibi-Témiscamingue Region of Québec. Their current real portfolio, valued at $121 million and developed in less than eight years, will serve as a solid foundation for the group's ambitious 2025-2030 plan whose goal is to reach 2,500 doors worth over $400 million, including more than 1,000 new doors in Abitibi-Témiscamingue. A possible partnership with EMERGIA and its real estate and financial ecosystem would undoubtedly enable us to reach 4,000 doors and exceed $650 million over the same period.
KRAKEN is led by 2 prominent and dynamic entrepreneurs from Abitibi-Témiscamingue, Yannick Richard and Jonathan Bourgelas-Nicol. "They represent great value-added to Emergia's Team and will undoubtedly propel the Company towards ambitious goals of profitable growth. We are looking forward to succeeding with them," said Faraj Nakhleh, Chairman of EMERGIA.
The Abitibi-Témiscamingue Region has a GDP per capita 21% higher than the rest of Québec. It is rich in Gold, silver, Copper & Lithium, among many other precious metals that are anchors of the world financial systema, technology products and economy.
EMERGIA is a Montreal, Canada based owner, acquirer, operator, manager, and developer of revenue producing multi-purpose real estate, including retail, multifamily, industrial, and office buildings as well as land for immediate developments. The Corporation operates mainly in Quebec & Ontario, and its investment platform is based on an integrated, agile and efficient develop-to-own strategy that enables EMERGIA and its shareholders to benefit from development profits and the value-add while securing stable long-term returns.
The Corporation has recently gone through a major change in mission focus at the request of shareholders, brought in an experienced and hands on and proactive new Board and Chairman, and is actively working with financial and real estate partners on a major reorganization and refocusing on its core mission. In a matter of weeks, EMERGIA announced the disposal of some non-core and costly assets, potential investments by large financial partners, and the acquisition of a large portfolio of cashflow positive assets with development upside.
For more information, please visit www.emergia.com and www.sedarplus.ca : EMER.CN Faraj Nakhleh, Chairman, Emergia Inc. T: 514.781.4613
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
Source: EMERGIA INC.
Forward-Looking Information
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