Toronto, Ontario–(Newsfile Corp. – May 25, 2017) – Gunpowder Capital Corp. (CSE: GPC) (CSE: GPC.PR.A) (FSE: YS6N) (“Gunpowder” or the “Corporation”), announced today that its fully owned subsidiary GP Realty Inc., has completed the purchase of 1209 Hickory Road, a fully tenanted residential rental property located in Windsor, Ontario.
Total purchase price of the property was One Hundred & Thirty-Five Thousand Dollars (“$135,000.00”) CDN. The purchase closed on May 24th, 2017. The Corporation is working on refinancing the property with several financial institutions. Assuming Gunpowder obtains a 75% LTV mortgage, Gunpowder estimates that the cash on cash return generated will be in excess of 25% per annum.
Mr. Paul Haber stated: “We continue to make significant progress in developing the Corporation’s business model and increasing the Corporation’s total asset base via real estate acquisitions, securing consulting contracts and via investments. We continue to source additional real estate assets in both the residential and commercial spaces throughout Ontario.”
For further information please contact:
Mr. Frank Kordy
Interim CEO & Director
Gunpowder Capital Corp.
T: (647) 466-4037
Mr. Paul Haber
Gunpowder Capital Corp.
T: (416) 363-3833
Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. Neither CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
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