Reven Housing REIT Inc., based in La Jolla, recently completed a private financing of $11.9 million.
The company said the financing consisted of the sale of common stock to King Apex Group II Ltd. and King Apex Group III Ltd., in exchange for $11 million of new capital.
Reven also said it converted about $902,000 in principal outstanding under previously issued 10 percent convertible promissory notes called bridge notes at the offering price of 20 cents per share. The proceeds will be used to pay off the outstanding principal of bridge notes that did not convert into shares of company common stock and the accrued interest of the bridge notes.
The funds will also be used to acquire real estate investments and for working capital needs, Reven said.
The company said it expects to conduct additional closings for up to an additional $14 million before the end of the calendar year.
— SDBJ Staff Report