Toronto, Ontario--(Newsfile Corp. - July 21, 2020) - CHC Student Housing Corp. (TSXV: CHC.H) ("CHC" or the "Company") is pleased to announce that it has determined to proceed with its previously announced special distribution (the "Distribution") to the holders (the "Shareholders") of the Company's common shares (the "Common Shares"). The Distribution will be paid as a return of capital in the amount of $0.30 per Common Share, payable in cash on August 5, 2020 to Shareholders of record as of close of business on July 28, 2020.

In connection with the payment of the Distribution, CHC will reduce the stated capital of its Common Shares by $0.30 per Common Share to permit the Company to pay the Distribution to the Shareholders as a return of capital in the amount of $0.30 per Common Share, for a total special distribution of $814,939.50. Shareholder approval for the reduction in stated capital was obtained by the Company at the annual and special meeting of Shareholders held on January 24, 2020.

The Common Shares will be traded in accordance with the "due bill" procedures of the TSX Venture Exchange from July 27, 2020 through August 5, 2020 (the "Due Bill Period"). This means any trades of the Common Shares that are executed on the TSX Venture Exchange during this period will be identified to ensure purchasers of the Common Shares receive the entitlement to the Distribution. Pursuant to such procedures:

• the record date (the "Record Date") to determine Shareholders entitled to the Distribution is July 28, 2020;

• the due bill trading period will commence on July 27, 2020 (one trading day prior to the Record Date, so that trades settling after the Record Date have due bills attached) and conclude at the close of the Distribution Payment Date (as defined below);

• the date for payment of the Distribution (the "Distribution Payment Date") will be August 5, 2020;

• the ex-distribution date will be August 6, 2020 (the next trading day following the Distribution Payment Date, so that trades on and after that date will not have due bills attached); and

• the due bill redemption date will be August 7, 2020 (the trading day following the ex-distribution date, when all trades with due bills attached have settled).

For clarification, "due bills" will represent the Distribution that Shareholders will be entitled to receive. The due bills will be deemed to be attached to the Common Shares one trading day prior to the Record Date, and will continue to be attached to the Common Shares until the end of the Distribution Payment Date. Accordingly, the Common Shares will trade on a "due bill" basis during the Due Bill Period. This means that persons who sell their Common Shares during the Due Bill Period shall also sell their entitlement to the Distribution to the purchasers of such Common Shares. The Common Shares will commence trading on an ex-distribution basis (i.e. without an attached "due bill" entitlement to the Distribution) from the opening of trading on August 6, 2020 (i.e. the next trading day after the Distribution Payment Date). The due bills will be redeemed on August 7, 2020 once all trades with attached due bills entered during the Due Bill Period have settled.

The distribution will be funded from the Company's existing cash reserves which were derived from the sale by the Company of its last remaining operating asset, a student housing property located in London, Ontario, in February 2020. Following the Distribution, the remaining working capital of the Company is expected to be sufficient to fund the needs of the Company's continuing business operations for the near term while it searches for alternative business opportunities. As previously disclosed, the Company continues to seek out alternative business opportunities which could potentially result in additional value for shareholders. There can be no assurance that any such business opportunities will arise or such additional value will be realized. The Company will announce further details with respect to any opportunity if and as it develops.

About CHC Student Housing Corp.‎

CHC Student Housing (TSXV: CHC.H) was previously engaged in the business of investing in multi-‎residential student housing properties. In February 2020, CHC sold the last of its student housing ‎properties, transferred its stock exchange listing from the TSX Venture Exchange ("TSXV") to the ‎NEX board of the TSXV, and is seeking out alternative business opportunities.‎

Forward-Looking Information ‎

This press release contains forward-looking information within the meaning of Canadian securities ‎laws. Forward-looking information is provided to present information about management's current ‎expectations and plans relating to the future. Forward-looking information is typically identified by ‎words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are ‎those, which, by their nature, refer to future events. Although CHC believes that such information is reasonable, it can give no assurance that such ‎expectations will prove to be correct. The forward-looking information included in this press release ‎relates only to events or information as of the date hereof. Except as specifically required by ‎applicable Canadian law, CHC undertakes no obligation to update any forward-looking information, ‎whether because of new information, future events or otherwise, after the date on which the ‎statements are made or to reflect the occurrence of unanticipated events.‎

Neither the TSX Venture Exchange ("TSXV") nor its Regulation Services Provider (as that term is ‎defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. ‎

For further information please contact:‎

CHC Student Housing Corp.‎
Simon Nyilassy
President and CEO
(416) 504-9380‎

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