UrbanStar Glendale Manor Inc. and US Glendale Manor P2 Inc. Announce Final Results of Issuer Bid and Take-Over Bid

Calgary, Alberta--(Newsfile Corp. - October 19, 2020) - Further to their news release dated October 8, 2020, UrbanStar Glendale Manor Inc. (the "Issuer") and US Glendale Manor P2 Inc. ("Glendale 2") are pleased to announce the final results of their bid to purchase (the "Offer") all of the Class B Non-voting Common Shares of the Issuer ("Class B Shares") and all of the Issuer's debentures due September 28, 2020 (the "2020 Debentures" each $950 principal amount of 2020 Debentures and 10 Class B Shares being a "Unit").

Based on reports from Alliance Trust Company, the depositary for the Offer, no additional Class B Shares or 2020 Debentures were deposited pursuant to the Offer between the initial expiry time of 4:00 p.m. (Calgary time) on October 7, 2020, and the final expiry time at 4:00 p.m. (Calgary time) on October 18, 2020.

Accordingly, UrbanStar confirms that a total of 80,868 Class B Shares (approximately 57.8% of the outstanding Class B Shares) and an aggregate of $8,120,983 principal amount of 2020 Debentures (approximately 61.1% of the aggregate principal amount of 2020 Debentures) were properly tendered to pursuant to the Offer. All of the conditions to the Offer were satisfied or waived and the Issuer has taken up and paid for all 2020 Debentures and Class B Shares properly deposited and not withdrawn under the Offer. At the expiry of the Offer, an aggregate of $7,602,583 principal amount of 2020 Debentures and 80,868 Class B Shares were properly deposited, and not withdraw, pursuant to the 2022 Debenture Alternative and an aggregate of $518,400 principal amount 2020 Debentures were properly deposited, and not withdrawn, pursuant to the Class B Share Alternative (as those terms are defined in the Issuer Bid circular dated July 24, 2020, in respect of the Offer (the "Circular").

Contact Information: Any questions or requests for assistance may be directed to the Issuer at 1043 19 Avenue SE, Calgary, Alberta T2G 1M1; 403-984-4050 or [email protected]. Additional information can be found in the Circular and the Notice of Change and Variation thereto dated September 1, 2020, copies of which are available on the Issuer's profile at www.sedar.com.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/66344