Kadestone Capital Corp. Announces Financial Results for Q4 and Full Year 2023

Kadestone Capital Corp., a prominent property company based in Vancouver, BC, has recently announced its financial results for the year ended December 31, 2023. The company reported cash and cash equivalents of $4,331,129, along with investments of $12,664,220 in Chilliwack and $10,201,905 in Squamish partnerships. Additionally, Kadestone amended and restated its existing $10,000,000 term loan to a new $10,973,540 term loan.

Despite facing a net loss of $1,704,148 for the year, Kadestone’s CEO, Brent Billey, expressed optimism about the company’s operations in 2023 and its plans for securing additional investments in 2024. The loss was attributed to expenses related to ongoing operations, including salaries, share-based compensation, interest expenses, and professional fees.

The Restated Loan Agreement, effective as of May 1, 2024, includes an increased aggregate amount of $10,973,540 and bears interest at varying rates until the maturity date of May 1, 2028. The agreement also provides the lender with equity participation rights and a right of first offer for future real estate development projects.

Kadestone, established to invest in residential and commercial properties, operates five business lines focusing on building materials procurement, property development, construction finance, asset ownership, and property management. The company aims to become a market-leading vertically integrated property company.

Investors and stakeholders can find more information about Kadestone on their website at www.kadestone.com. The company’s forward-looking statements and cautionary notes regarding risks and uncertainties are also available in their filings with Canadian securities regulators.