Firm Capital Mortgage Investment Corporation completes




TORONTO, Nov. 01, 2021 (GLOBE NEWSWIRE) – Firm Capital Mortgage Investment Corporation (the “Company” (TSX: FC) is pleased to announce that the Company, together with Eli Dadouch, Jonathan Mair and Michael Warner (the “” Selling Shareholders ”), completed the previously announced bought deal offer (the“ Offer ”) of 1,936,600 common shares (the“ Shares ”) at a price of $ 14.85 per share (the“ issue price ”) for gross proceeds of $ 28,758,510 with a syndicate of underwriters maintained by TD Securities Inc., National Bank Financial Inc. and CIBC Capital Markets, and comprising RBC Capital Markets, Scotiabank, Canaccord Genuity Corp., iA Gestion Privée Inc., Raymond James Ltée, Valeurs Mobilières Desjardins Inc., Echelon Wealth Partners Inc. and Valeurs mobilières Banque Laurentienne. was granted by the Company.

As part of the placement, 1,466,600 treasury shares were issued by the company for gross proceeds of $ 21,779,010 (the “treasury”) and a total of 470,000 shares were sold by shareholders. Sellers for Total Gross Proceeds to Selling Shareholders of $ 6,979,500 (the “” Secondary Offer ”). The net proceeds of the cash placement will be used by the Company to repay debt and for general corporate purposes. The Company did not receive any proceeds from the sale of shares related to the secondary placement.

The 470,000 shares sold by the selling shareholders as part of the secondary placement were recently acquired by the selling shareholders as part of the exercise of stock options held by the selling shareholders under the plan. ‘options to purchase shares of the Company, and not from the sale of shares of their equity holdings. before the announcement of the Offer. Prior to the announcement of the placement, the selling shareholders held options to acquire a total of 1,330,000 shares and immediately after the completion of the placement, the selling shareholders held options to acquire a total of 810,000 shares. For greater clarity, the shares sold by the selling shareholders as part of the secondary placement did not constitute a disposition of their shares held prior to the announcement of the placement.

No securities regulatory authority has approved or disapproved of the contents of this press release. The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities law, and may not be offered, sold or delivered, directly or indirectly, in the United States, its possessions and other areas under its jurisdiction or in, or on behalf of or for the benefit of, a person of the United States, unless an exemption from registration is available. This press release is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.

About the company

Where do mortgage transactions take place®

The Company, through its mortgage banker, Firm Capital Corporation, is a non-bank lender providing short-term residential and commercial bridge finance and conventional real estate finance, including construction, mezzanine and equity investments. The Company’s investment objective is to preserve shareholders’ equity, while providing shareholders with a stable flow of monthly dividends from investments. The Company achieves its investment objectives by investing in selected niche markets that are underserved by large credit institutions. The lending business to date continues to develop a diversified mortgage portfolio, producing a stable return for shareholders. The Company is a mortgage investment company (MIS) within the meaning of Income Tax Act (Canada). Therefore, the Company is not taxed on income provided that its taxable income is paid to its shareholders in the form of dividends within 90 days after December 31 of each year. Such dividends are generally treated by shareholders as interest income, so that each shareholder is in the same position as if the mortgage investments made by the Company had been made directly by the shareholder. Full reports of the Company’s financial results for the year are set out in the Company’s audited financial statements and related MD&A, available on the SEDAR website at In addition, additional information is available on the Company’s website at

Forward-looking statements

This press release contains forward-looking statements within the meaning of applicable securities laws, including, but not limited to, statements associated with the intended use of the proceeds of the cash offering and statements relating to the business of the Company, including those contained in the Company’s annual information form. for the fiscal year ended December 31, 2020, as well as statements regarding the beliefs, estimates and intentions of management, and similar statements regarding anticipated future events, results, circumstances, performance or expectations that do not are not historical facts. Forward-looking statements can generally be identified by the use of forward-looking terms such as “outlook”, “objective”, “may”, “will”, “expect”, “intention”, “estimate”, “anticipate”. “,” Believe “,” should “,” plan “or” continue “or similar expressions suggesting future results or events. These forward-looking statements reflect the current beliefs of management and are based on information currently available to management.

These statements are not guarantees and are based on our estimates and assumptions which are subject to risks and uncertainties, including those described in the Company’s annual information form for the year ended December 31, 2020 under the heading ” risk ”(a copy of which can be obtained at These risks and uncertainties include, among others, risks associated with public health crises (including COVID-19), mortgages, reliance on the Company’s mortgage manager and banker, competition for mortgages, real estate values, interest rate fluctuations, environmental issues, shareholders liability and the introduction of new tax rules. Significant factors or assumptions that have been applied in drawing a conclusion or making an estimate set out in the forward-looking information include, among other things, that the Company is able to invest in mortgage loans at rates consistent with rates achieved in the past. , adequate mortgage investment opportunities are presented to the Company, adequate bank indebtedness and bank loans are available to the Company, and an insignificant impact resulting from the COVID-19 pandemic. Although the forward-looking information contained in this new press release is based on what management considers reasonable assumptions, there can be no assurance that actual results and performance will be consistent with these forward-looking statements.

All forward-looking statements contained in this press release are qualified by these cautionary statements. Except as required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

For more information, please contact:
Closed-end mortgage investment company
Eli Dadouch
President and CEO
(416) 635-0221

Boutique® Mortgage Lenders


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