(October 6 – 13:45 ET) – Firm
Capital Mortgage Investment
Fund has successfully completed
its initial public offering of
Units. 2,400,000 Units were sold
in the offering at $10 per Unit
for aggregate gross proceeds of
$24 million. The Units trade on
the Toronto Stock Exchange
under the symbol “FC”.
The net proceeds of the
offering will be used by the
Fund to acquire an initial
portfolio of 77 mortgages and the
balance of the net proceeds will
be used by the fund for future
mortgage investments, which
include approximately $12
million of committed mortgages.
The initial portfolio is secured
on properties located primarily
in the Greater Toronto Area.
As a mortgage investment fund,
the Fund is a non-bank provider
of residential and commercial
real estate finance.
The offering was sold by a
syndicate including
TD Securities Inc., RBC Dominion
Securities Inc., National Bank
Financial Corp., Nesbitt Burns
Inc., HSBC Securities (Canada)
Inc., Desjardins Securities Inc.
and Research Capital Corporation.
The underwriters of the offering
have been granted an over-allotment
option to purchase up to an
additional 360,000 units
of the Fund at $10 per Unit.
-IE Staff
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