Emergia Inc. – Status Update

MONTREAL, June 28, 2023 (GLOBE NEWSWIRE) -- (CSE: EMER) Emergia Inc. (the “Corporation or “Emergia”) is pleased to provide the business update of the Corporation.

We are pleased to announce that, thanks to the collaboration from our lenders, all current financings maturing on June 30^th will be extended by one year to June 30, 2024.

We are also pleased to announce that the Corporation satisfied all requirements and succeeded in a public tender process for a leasing opportunity with a government agency for premises of approximately 8,000 sq.ft. in our property in Gatineau. Various new leases have also been signed in the same property in the recent months, increasing its leased area by approximately 12,000 sq.ft., representing approximately 48% of its total leasable area. Other ongoing negotiations with new potential tenants are also at their advanced stage. We are confident that the full potential of the property will be reached within the next 12 months.

Progressing at a steady pace, the Bromont development project is still in range for the final approval from the City. The approval process has been delayed by the City of Bromont due to a moratory imposed by the City itself on any new development requiring the construction of additional infrastructures related to aqueduct and sewers. The moratory is expected to end either by the end of 2023 or in the beginning of 2024 (Q1-2024). Concerning the Alliston (Ontario) project, the Corporation is working with different professionals while performing thorough analysis of various alternatives and possible outcomes, including the potential sale of part or whole of the land.

Finally, one private placement has been executed for an amount of $150,000 in pure equity at a price of $0.25 per share, for a total of 600,000 Class A common shares. Management is working on other potential closings.

With all the above financing and project updates, the Corporation has proven its resilience and strength in its efforts of pursuing its long-term business goals, which include a better reflection in the market of its net asset value estimated at approximately $1.70 per share.

ABOUT EMERGIA INC.

EMERGIA operates mainly in Canada in the development, acquisition, and management of multi-purpose real estate, including retail, multifamily, industrial, and office buildings as well as land for future development. The Corporation’s investment platform is based on an integrated, agile and efficient develop-to-own strategy that enables EMERGIA to benefit from development profits and the value-add while securing stable long-term returns.