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Press release from Marketwire

Leisureworld Closes Previously Announced Public Offering of Subscription Receipts and Extendible Convertible Unsecured Subordinated Debentures

Thursday, April 25, 2013

Leisureworld Closes Previously Announced Public Offering of Subscription Receipts and Extendible Convertible Unsecured Subordinated Debentures

08:49 EDT Thursday, April 25, 2013

MARKHAM, ONTARIO--(Marketwired - April 25, 2013) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Leisureworld Senior Care Corporation ("Leisureworld" or the "Company") (TSX:LW) today announced that it has completed its previously announced bought deal offering of subscription receipts and extendible convertible unsecured subordinated debentures (the "Debentures"). The syndicate of underwriters, led by TD Securities Inc., exercised the over-allotment option in full, resulting in a total of 6,353,750 subscription receipts and $46 million aggregate principal amount of Debentures being issued for total gross proceeds of $124,786,500. The net proceeds of the offering will be used in part to finance a portion of the purchase price of the previously announced acquisition of a portfolio of 10 properties in Ontario consisting of 6 long-term care ("LTC") homes, 2 retirement residences and 2 properties containing both LTC and retirement residences components (the "Acquisition"). Leisureworld expects the completion of the Acquisition to occur in the fourth quarter of 2013.

Further details of the offering are set out in the short form prospectus of the Company dated April 17, 2013, available on SEDAR at www.sedar.com.

The securities offered pursuant to the bought deal offering have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of such Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction.

ABOUT LEISUREWORLD SENIOR CARE CORPORATION

Leisureworld Senior Care Corporation is Canada's fifth largest operator of seniors' housing and the third largest licensed LTC provider in Ontario. Leisureworld owns and operates 27 LTC homes across Ontario with 4,474 beds. The Company also owns and operates five retirement residences and one independent living residence, representing 739 suites, in Ontario and British Columbia. Leisureworld subsidiaries include: Preferred Health Care Services, an accredited provider of professional nursing and personal support services; and Ontario Long Term Care, a provider of dietary, social work, and other regulated health professional services. For more information, please visit the Company's website at www.leisureworld.ca.

FORWARD-LOOKING STATEMENTS

Certain of the statements contained in this news release are forward-looking statements and are provided for the purpose of presenting information about management's current expectations and plans relating to the future. Readers are cautioned that such statements may not be appropriate for other purposes. These statements generally use forward-looking words, such as "anticipate", "continue", "could", "expect", "may", "will", "estimate", "believe" or other similar words and include, among other things, statements related to the Company's financial results or strategic plans. Forward-looking statements include: the successful closing of the Acquisition and the use of the net offering proceeds to finance a portion of the purchase price for the Acquisition. These forward-looking statements are subject to significant known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those expressed or implied by such statements and, accordingly, should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. These risks and factors include, but are not limited to, the risks described under "Risk Factors" in the short form prospectus and those risks discussed in other documents incorporated by reference therein and filed on SEDAR, accessible at www.sedar.com. The forward-looking statements in this news release are based on information currently available and what management currently believes are reasonable assumptions. Material factors or assumptions that were applied to drawing a conclusion or making an estimate set out in forward-looking statements include: the views of management of Leisureworld regarding current and anticipated market conditions; expected government priorities and timelines; absence of material changes to government and environmental regulations affecting Leisureworld's operations; the successful completion of the Acquisition and the remaining financing thereof.

Although management believes that it has a reasonable basis for the expectations reflected in these forward-looking statements, actual results may differ from those suggested by the forward-looking statements for various reasons. The assumptions, risks and uncertainties described above are not exhaustive and other events and risk factors could cause actual results to differ materially from the results and events discussed in the forward-looking statements. These forward-looking statements reflect current expectations of Leisureworld as at the date of this news release and speak only as at the date of this news release. Leisureworld does not undertake any obligation to publicly update or revise any forward-looking statements except as may be required by applicable law.

FOR FURTHER INFORMATION PLEASE CONTACT:

Contact Information:
Leisureworld Senior Care Corporation
Manny DiFilippo
Chief Financial Officer
(905) 489-0787
www.leisureworld.ca

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