2007 annual report aveiro investment corp. - First West Properties

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AUGUST 2006 LAUNCH OF BUSINESS PLAN Harold Kunik and John Mackay acquired control of Aveiro (then called Dagger Resources Inc.), appointed a new board of directors and implemented Aveiro’s new business plan as a real estate investment company. 2007 MILESTONES JANUARY 2007 FIRST PROPERTY: AIRDRIE, ALBERTA 10 | Aveiro Investment Corp. | 2007 Annual Report We acquired our fi rst real estate asset on January 1, 2007: 77 acres of undeveloped land (currently zoned “light industrial”) in Airdrie, Alberta, for $7.75 million. Airdrie is strategically located four miles north of the northern edge of the City of Calgary, and directly along the Calgary- Edmonton corridor. Market Capitalization Approximately $5.5 million. JUNE 2007 SECOND AND THIRD PROPERTIES: LETHBRIDGE, ALBERTA In June 2007, we made our second and third purchases, both in Lethbridge, Alberta: • A 110,200 square foot industrial warehouse in Churchill Industrial Park for $5.5 million. Immediately after we closed on this purchase, we leased 40 per cent of the warehouse to a new tenant, a U.S.-based plastic container manufacturer. • And 7.01 acres of raw industrial land also in the Churchill Industrial Park for $1.3 million. The land is a block-and-a-half away from the new Lethbridge Smartcentre, anchored by a Wal-Mart superstore. Private Placement Also in June, we completed the private placement of 11 million Class “A” voting common shares at $1.00 per share. We increased the size of the placement by an additional 430,000 shares to meet higher than expected demand, resulting in gross proceeds of $11.43 million. Market Capitalization Approximately $13.5 million.
JULY 2007 Private Placement In July 2007, we completed the private placement of 3 million Class “A” voting common shares at $1.50 per share, for gross proceeds of $4.5 million. Airdrie, Alberta We joined with a group of other property owners who hold lands adjoining our 77 acres to accelerate the timing of development approvals by the City of Airdrie. Lethbridge, Alberta We leased the remaining 60 per cent of the 110,200 square foot warehouse in Churchill Industrial Park purchased in June to a leading Canadian agricultural business. Market Capitalization Approximately $24.7 million. AUGUST 2007 FOURTH PROPERTY: SASKATOON, SASKATCHEWAN At the end of August, we purchased an industrial warehouse property located in the North Industrial area of Saskatoon, Saskatchewan, for $2 million, paid by issuing 1,238,095 Class “A” voting common shares at a deemed price of $1.62 per share. The warehouse property consists of four separate warehouse buildings for a total of approximately 21,000 square feet on 2.45 acres of land. The property is leased to an established Saskatchewan industrial coating removal company for a 10-year term. Market Capitalization Approximately $28.8 million. Aveiro Investment Corp. | 2007 Annual Report | 11
Page 1 and 2: AVEIRO INVESTMENT CORP. 2007 ANNUAL
Page 3 and 4: CHAIRMAN’S LETTER DEAR FELLOW SHA
Page 5 and 6: ASSETS SASKATOON TOTAL OF APPROXIMA
Page 7 and 8: ASSETS AIRDRIE 77 ACRES OF UNDEVELO
Page 9: Harold Kunik, Chief Financial Offic
Page 13 and 14: WHY SASKATCHEWAN? Once solely an ag
Page 15 and 16: OVERVIEW About Aveiro Aveiro is an
Page 17 and 18: OVERALL PERFORMANCE Financial Posit
Page 19 and 20: The Warehouse Mortgage is a fi rst
Page 21 and 22: a company with common management. I
Page 23 and 24: During the 2008 fi scal year, the C
Page 25 and 26: properties. The ability of Aveiro t
Page 27 and 28: OUTSTANDING SHARE DATA Common Share
Page 29 and 30: The rates are determined based on m
Page 31 and 32: AUDITOR’S REPORT To the sharehold
Page 33 and 34: STATEMENTS OF LOSS AND DEFICIT Year
Page 35 and 36: NOTES TO THE FINANCIAL STATEMENTS J
Page 47 and 48: AUDITORS Grant Thornton LLP 1000, 1

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