Firm Capital Mortgage Investment Corporation Closes $36,023,000 Bought Deal Financing
March 20 2012 - 1:02PM
PR Newswire (Canada)
/NOT FOR DISTRIBUTION OVER U.S. NEWS WIRE SERVICES OR DISSEMINATION
INTHE UNITED STATES/ TORONTO, March 21, 2012 /CNW/ - Firm Capital
Mortgage Investment Corporation (the "Corporation") today announced
that it has closed its previously announced offering of 1,340,000
common shares (the "Shares") of the Corporation at a price of
$13.45 per Share and $18,000,000 aggregate principal amount of
5.25% convertible unsecured subordinated debentures (the
"Debentures") due March 31, 2019 of the Corporation at a price of
$1,000 per Debenture. Each Debenture is convertible into common
shares at the option of the holder at a conversion price of $14.80
per share (or 67.5676 shares per $1,000 principal amount of
Debentures). The Debentures are listed and posted for trading on
the TSX under the symbol FR.DB.C. The offering was underwritten by
a syndicate of underwriters led by TD Securities Inc. and including
Dundee Securities Ltd., National Bank Financial Inc., Desjardins
Securities Inc., and Macquarie Capital Markets Canada Ltd. The
Corporation has also granted to the underwriters an over-allotment
option, exercisable in whole or in part, at any time up to 30 days
after the closing of the offering to purchase up to an additional
201,000 Shares and an additional $2,700,000 principal amount of
Debentures. The net proceeds of the offering will be used to repay
a portion of its indebtedness. The securities being offered have
not been and will not be registered under the United States
Securities Act of 1933 and accordingly will not be offered, sold or
delivered, directly or indirectly within the United States, its
possessions and other areas subject to its jurisdiction or to, or
for the account or for the benefit of a U.S. person, except in
limited circumstances. About The Corporation The Corporation,
through its mortgage banker, Firm Capital Corporation, is a
non-bank lender providing residential and commercial short-term
bridge and conventional real estate financing, including
construction, mezzanine and equity investments. The Corporation's
investment objective is the preservation of Shareholders' equity,
while providing Shareholders with a stable stream of monthly
dividends from investments. The Corporation achieves its investment
objectives through investments in selected niche markets that are
under-serviced by large lending institutions. Lending activities to
date continue to develop a diversified mortgage portfolio,
producing a stable return to Shareholders. Full reports of the
financial results of the Corporation for the year are outlined in
the audited financial statements and the related management
discussion and analysis of Firm Capital, available on the SEDAR
website at www.sedar.com. In addition, supplemental information is
available on Firm Capital's website at www.firmcapital.com. Firm
Capital Mortgage Investment Corporation CONTACT: Firm Capital
Mortgage Investment CorporationEli DadouchPresident & Chief
Executive Officer(416) 635-0221www.firmcapital.com
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