VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 14, 2011) -

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Amica Mature Lifestyles Inc. ("Amica" or the "Company") (TSX:ACC) announced today that it has completed its previously announced offering of subscription receipts, on a bought deal basis, led by Canaccord Genuity Corp. (the "Offering"). Under the Offering, Amica has sold 4,600,000 subscription receipts, including the exercise in full of the over-allotment option, at a price of $7.45 per subscription receipt for aggregate gross proceeds of approximately $34.3 million. The syndicate of underwriters led by Canaccord Genuity Corp. included National Bank Financial Inc., GMP Securities L.P., BMO Nesbitt Burns Inc., CIBC World Markets Inc., TD Securities Inc., and Dundee Securities Ltd. (the "Underwriters").

The gross proceeds of the Offering less an amount equal to 50% of the cash commission payable to the Underwriters in connection with their services provided and the expenses of the Underwriters are being held in escrow in conjunction with the Company's planned acquisition of the Quinte Gardens retirement residence located in Belleville, Ontario ("Quinte Gardens") as announced in its news release of November 23, 2011. For further details of the Offering and the acquisition of Quinte Gardens see the short form prospectus of the Company dated December 7, 2011, available on SEDAR at [ www.sedar.com ].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities offered pursuant to the bought deal offering have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States unless registered or an applicable exemption from the registration requirements is available.

ABOUT AMICA MATURE LIFESTYLES INC.

Amica Mature Lifestyles Inc., a Vancouver based public company, is a leader in the management, marketing, design, development and ownership of luxury housing and services for mature lifestyles. There are 24 Amica Wellness & Vitality™ Residences, including one under development and one in pre-development. The common shares of Amica are traded on the Toronto Stock Exchange under the symbol "ACC". For more information, visit [ www.amica.ca ].

FORWARD-LOOKING INFORMATION

This news release contains "forward-looking information" within the meaning of applicable securities laws ("forward-looking statements").

These forward-looking statements are made as of the date of this news release and the Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as otherwise required by law. Users of forward-looking statements are cautioned that actual results may vary from forward-looking statements contained herein. Forward-looking statements include, but are not limited to, statements concerning the proceeds expected to be raised by the Offering, the acquisition of Quinte Gardens, the use of proceeds from the Offering and other similar statements concerning anticipated future events, conditions or results that are not historical facts. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". While the Company has based these forward-looking statements on its expectations about future events as at the date that such statements were prepared, the statements are not a guarantee of the Company's future performance and are subject to risks, uncertainties, assumptions and other factors which could cause actual results, performance or achievements to differ materially from future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and assumptions include, amongst others, the effects of general economic and market conditions, actions by government authorities, uncertainties associated with legal proceedings and negotiations and misjudgements in the course of preparing forward-looking statements. In addition, there are known and unknown risk factors which could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Known risk factors include, among others, risks related to: capital markets; cost overruns, delays and start-up losses for new real estate developments; the availability of capital to finance growth or refinance debt as it comes due; the ability of seniors to pay for Amica's services; Amica's ability to attract seniors with its services and keep pace with changing consumer preferences; risks inherent in the ownership of real property; operational risks inherent in owning and operating residences; dependence on the ability of Amica's co-tenancy participants to meet their obligations; interest rate volatility in the marketplace; regulatory changes; job actions including strikes and labour stoppages; possible liability under environmental laws and regulations relating to removal or remediation of hazardous or toxic substances on properties owned or operated by Amica; the risks associated with global events such as infectious diseases, extreme weather conditions and natural disasters; foreign exchange rate volatility; as well as those factors discussed in Amica's Annual Information Form dated August 12, 2011, filed with the Canadian Securities Administrators and available at [ www.sedar.com ] and in the "Risks and Uncertainties" section of the Company's management's discussion and analysis for three months ended August 31, 2011, available at [ www.sedar.com ]. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements, or the material factors or assumptions used to develop such forward looking statements, will prove to be accurate. Accordingly, readers should not place undue reliance on forward-looking statements.

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