/THIS NEWS RELEASE IS INTENDED FOR
DISTRIBUTION IN CANADA ONLY AND IS
NOT INTENDED FOR DISTRIBUTION TO UNITED
STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./
TORONTO, May 1, 2019 /CNW/ - Firm Capital Property Trust
("FCPT" or the "Trust"), (TSX-V: FCD.UN) is pleased
to announce that it has closed the final tranche of its previously
announced non-brokered private placement (the "Concurrent
Private Placement"). Pursuant to this final tranche, the Trust
closed on 156,250 Trust Units ("Units") for gross proceeds
of approximately $1.0 million for a
combined offering of 2,696,252 Units and gross proceeds of
approximately $17.3 million from both
tranches.
The first tranche of the Concurrent Private Placement was
completed concurrently with the Trust's previously announced fully
marketed offering (the "Offering") of 4,100,000 Units at a
price of $6.40 per Unit (the
"Offering Price"), for aggregate gross proceeds of
$26.2 million. Subsequent to the
closing of the Offering, the Trust issued 321,145 additional Units
for gross proceeds of $2.1 million,
pursuant to the exercise of an over-allotment option granted in
connection with the Offering.
The Trust intends to use the net proceeds of the Offering and
the Concurrent Private Placement to fund the cash portion of the
purchase price of the acquisition from First Capital Realty Inc.,
as previously announced on April 3,
2019, and for working capital and general trust
purposes.
Pursuant to applicable Canadian securities laws, all securities
issued pursuant to the initial and final tranches of the Concurrent
Private Placement are subject to, among other things, a statutory
hold period of four months and one day, which expires on
August 25, 2019 and September 2, 2019, respectively.
ABOUT FIRM CAPITAL PROPERTY TRUST
Firm Capital Property Trust is focused on creating long-term
value for unitholders, through capital preservation and disciplined
investing to achieve stable distributable income. In partnership
with management and industry leaders, the Trust's plan is to own a
diversified property portfolio of multi-residential, flex
industrial, net lease convenience retail, and core service provider
professional space. In addition to standalone accretive
acquisitions, the Trust will make joint acquisitions with strong
financial partners and acquisitions of partial interests from
existing ownership groups, in a manner that provides liquidity to
those selling owners and professional management for those
remaining as partners. Firm Capital Realty Partners Inc., through a
structure focused on an alignment of interests with the Trust
sources, syndicates and property and asset manages investments on
behalf of the Trust.
FORWARD LOOKING INFORMATION
This press release may contain forward-looking statements. In
some cases, forward-looking statements can be identified by the use
of words such as "may", "will", "should", "expect", "plan",
"anticipate", "believe", "estimate", "predict", "potential",
"continue", and by discussions of strategies that involve risks and
uncertainties, including statements regarding the timing for
completion, and the ability to complete, the above-referenced
acquisition involving First Capital Realty Inc. The forward-looking
statements are based on certain key expectations and assumptions
made by the Trust. By their nature, forward-looking statements
involve numerous assumptions, inherent risks and uncertainties,
both general and specific, that contribute to the possibility that
the predictions, forecasts, projections and various future events
will not occur. Although management of the Trust believes that the
expectations reflected in the forward-looking statements are
reasonable, there can be no assurance that future results, levels
of activity, performance or achievements will occur as anticipated.
Neither the Trust nor any other person assumes responsibility for
the accuracy and completeness of any forward-looking statements,
and no one has any obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events or such other factors which affect this information,
except as required by law. Closing of the Concurrent Private
Placement, the Offering and the aforementioned acquisition
involving First Capital Realty Inc. remain subject to the final
approval of the TSX Venture Exchange.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, which may be made only by means of
a prospectus, nor shall there be any sale of the Units in any
state, province or other jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under securities laws of any such state, province or
other jurisdiction. The Units have not been, and will not be
registered under the U.S. Securities Act of 1933, as amended, and
may not be offered, sold or delivered in the United States absent registration or an
application for exemption from the registration requirements of
U.S. securities laws.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Firm Capital Property Trust