04:27 PM EDT, 07/26/2024 (MT Newswires) -- AIP Realty Trust (AIP-U.V) announced after trade Friday that it has received approval from the TSX Venture Exchange to extend the price reservation on its non-brokered private placement by an additional 30 days until August 23, 2024.

The Trust said it intends to close a second tranche as well as any additional tranches thereafter, on or before that date.

Friday's statement noted the financing consists of the issuance of up to 6 million Preferred Units -- Series B Convertible, at a price of US$0.50 per Preferred Unit for aggregate gross proceeds of up to US$3 million. An aggregate of 1.1 million Preferred Units for aggregate gross proceeds of US$550,000 have been issued under the first tranche.

The Trust intends to use the proceeds of the Private Placement for working capital and general corporate purposes.