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TORONTO, Aug. 23, 2011 /CNW/ --
/NOT FOR DISTRIBUTION OVER U.S. NEWS WIRE SERVICES OR DISSEMINATION IN
THE UNITED STATES/
TSX Symbol: FC
TORONTO, Aug. 23, 2011 /CNW/ - Firm Capital Mortgage Investment
Corporation (the, "Corporation") (TSX: FC) today announced that it has closed its previously announced
offering of $22,500,000 aggregate principal amount of 5.40% convertible
unsecured subordinated debentures, due February 28, 2019 (the "Debentures"). Each Debenture is convertible into common shares at the option of
the holder at a conversion price of $14.35 per share (or 69.6864 shares
per $1,000 principal amount of Debentures). The Debentures are listed
and posted for trading on the TSX under the symbol FC.DB.B. The offering was underwritten by a syndicate of underwriters led by TD
Securities Inc. and including CIBC World Markets Inc., Dundee
Securities Ltd., Desjardins Securities Inc., National Bank Financial
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 $3,375,000 aggregate 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.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/August2011/23/c5491.html
p Firm Capital Mortgage Investment Corporationbr/ Eli Dadouchbr/ President & Chief Executive Officerbr/ (416) 635-0221br/ a href="http://www.firmcapital.com"www.firmcapital.com/a /p