Firm Capital Mortgage Investment Corporation Closes Exercise of Underwriters' Over-Allotment Option
March 24 2012 - 11:48PM
PR Newswire (Canada)
TSX Symbol: FC /NOT FOR DISTRIBUTION OVER U.S. NEWS WIRE SERVICES
OR DISSEMINATION IN THE UNITED STATES/ TORONTO, March 28, 2012
/CNW/ - Firm Capital Mortgage Investment Corporation (the
"Corporation") today announced that it issued an additional 201,000
common shares of the Corporation (the "Shares") and an additional
$2,485,000 aggregate principal amount of 5.25% convertible
unsecured subordinated debentures (the "Debentures") due March 31,
2019, pursuant to the over-allotment option granted to the
underwriters in connection with the Corporation's previously
announced offering of $18,000,000 aggregate principle amount
Debentures and 1,340,000 Shares, which closed March 21, 2012. 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 FC.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 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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