iMine subsidiary forms JV with Fix Pads to develop 60 properties; commits up to $5.214M

My City Builders, Inc.

RAC Real Estate Acquisition Corp., iMine's unit, and Fix Pads Holdings formed RAC FIXPADS II, LLC on Oct 4, 2022.
Each member contributes $1,000 initial capital for 50% membership interest; Fix Pads to contribute 60 residential properties.
RAC commits additional cash contributions up to $5,214,000 for property improvement and rehab.
On sale of each property, RAC gets $13,000 plus average additional capital per property; balance to Fix Pads.
Manager is Fix Pads; RAC has option to buy leased properties.

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