TSX Symbol: FC
/NOT FOR DISTRIBUTION OVER U.S. NEWS WIRE SERVICES OR
DISSEMINATION IN THE UNITED
STATES/
TORONTO,
March 28, 2012 /PRNewswire/ - Firm
Capital Mortgage Investment Corporation (the "Corporation")
(TSX: FC) 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.
SOURCE Firm Capital Mortgage Investment Corporation