LA JOLLA, Calif., Feb. 16, 2016 /PRNewswire/ -- Reven Housing REIT, Inc. ("Reven" or the "Company") (OTCBB: RVEN) today announced that it has commenced a $28.75 million offering of its common shares. The Company is conducting a direct public offering of a minimum of 2,610,000 shares and maximum of 5,000,000 shares of its common stock, at $5.75 per share, for total gross proceeds of $15,007,500 in the minimum offering and $28,750,000.00 in the maximum offering.
The offering is being conducted in connection with the Company's proposed up-listing to the NASDAQ Capital Markets. All funds paid by subscribers in the offering will be deposited in an escrow account with U.S. Bank, N.A., as escrow agent. Unless subscriptions for shares for the aggregate gross offering proceeds of $15,007,500 have been received by the escrow agent by March 31, 2016, subject to the Company's right to extend by up to 60 days, and, in addition, by such date the Company has received from the NASDAQ Capital Market notice of its approval of the listing of the Company's shares upon completion of the minimum offering, the offering will terminate and the escrow agent will promptly return to each subscriber all funds provided by such subscriber without interest or deduction.
The offering is being conducted pursuant to a Registration Statement on Form S-11 which was declared effective by the SEC on February 11, 2016. Interested parties may download a copy of the Prospectus made part of the Registration Statement from the Company's website at www.revenhousingreit.com, under "Public Offering", or obtain a print copy of the Prospectus by contacting the Company at email@example.com or by telephoning at (858) 459-4000.
In order to subscribe, parties should first carefully and thoroughly review the Prospectus and, if after reviewing the Prospectus interested in subscribing, complete and execute a Subscription Agreement. A copy of the Subscription Agreement and instructions for investing can be downloaded from the Company's website at www.revenhousingreit.com, under "Public Offering".
For further information, please contact Reven Housing REIT, Inc. at:
P.O. Box 1459
La Jolla, CA 92038-1459
SOURCE Reven Housing REIT, Inc.