/NOT FOR DISTRIBUTION OVER U.S. NEWS WIRE SERVICES OR
DISSEMINATION INTHE UNITED
STATES/
TORONTO,
March 21, 2012 /PRNewswire/ - Firm
Capital Mortgage Investment Corporation (the "Corporation")
(TSX: FC) 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.
SOURCE Firm Capital Mortgage Investment Corporation