Firm Capital Mortgage Investment Corporation Closes $22,500,000 Bought Deal Financing
23 August 2011 - 10:39PM
PR Newswire (Canada)
TORONTO, Aug. 23, 2011 /CNW/ -- /NOT FOR DISTRIBUTION OVER U.S.
NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/ TSX
Symbol: FC TORONTO, Aug. 23, 2011 /CNW/ - Firm Capital Mortgage
Investment Corporation (the, "Corporation") (TSX: FC) today
announced that it has closed its previously announced offering of
$22,500,000 aggregate principal amount of 5.40% convertible
unsecured subordinated debentures, due February 28, 2019 (the
"Debentures"). Each Debenture is convertible into common shares at
the option of the holder at a conversion price of $14.35 per share
(or 69.6864 shares per $1,000 principal amount of Debentures). The
Debentures are listed and posted for trading on the TSX under the
symbol FC.DB.B. The offering was underwritten by a syndicate of
underwriters led by TD Securities Inc. and including CIBC World
Markets Inc., Dundee Securities Ltd., Desjardins Securities Inc.,
National Bank Financial 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 $3,375,000 aggregate 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. To view
this news release in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/August2011/23/c5491.html
p Firm Capital Mortgage Investment Corporationbr/ Eli Dadouchbr/
President & Chief Executive Officerbr/ (416) 635-0221br/ a
href="http://www.firmcapital.com"www.firmcapital.com/a /p
Copyright
Firm Capital Mortgage In... (TSX:FC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Firm Capital Mortgage In... (TSX:FC)
Historical Stock Chart
From Jul 2023 to Jul 2024