/NOT FOR DISTRIBUTION OVER U.S. NEWS WIRE SERVICES OR
DISSEMINATION IN THE UNITED
STATES/
TSX Symbol: FC
TORONTO,
March 28, 2013 /CNW/ - Firm Capital
Mortgage Investment Corporation (the "Corporation") (TSX:
FC) today announced that it has closed its previously announced
offering of $20,000,000 aggregate
principal amount of 4.75% convertible unsecured subordinated
debentures (the "Debentures") due March 31, 2020 of the Corporation at a price of
$1,000 per Debenture. Each Debenture
is convertible into common shares of the Corporation at the option
of the holder at a conversion price of $15.80 per share (or 63.2911 shares per
$1,000 principal amount of
Debentures). The Debentures are listed and posted for trading on
the TSX under the symbol FC.DB.D. The offering was
underwritten by a syndicate of underwriters co-led by TD Securities
Inc. and National Bank Financial Inc. and including Desjardins
Securities Inc., Dundee Securities Ltd., Macquarie Capital Markets
Canada Ltd., RBC Dominion Securities Inc., Scotia Capital Inc. and
Canaccord Genuity Corp. 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 $3,000,000 principal amount of Debentures.
The net proceeds of the offering will be used to
repay a portion of the Corporation's 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 Firm Capital Mortgage Investment 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