Completes $28.76 Million Bought Deal Financing /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/
TORONTO, Nov. 01, 2021 (GLOBE NEWSWIRE) -- Firm Capital Mortgage Investment Corporation (the “Corporation”) (TSX: FC) is pleased to announce that the Corporation, along with Eli Dadouch, Jonathan Mair and Michael Warner (the “Selling Shareholders”), have closed the previously announced bought deal public offering (the “Offering”) 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 bookrun by TD Securities Inc., National Bank Financial Inc. and CIBC Capital Markets, and including RBC Capital Markets, Scotiabank, Canaccord Genuity Corp., iA Private Wealth Inc., Raymond James Ltd., Desjardins Securities Inc., Echelon Wealth Partners Inc. and Laurentian Bank Securities. The underwriters have exercised, in full, the previously announced over-allotment option granted to them by the Corporation.
Under the Offering, 1,466,600 Shares were issued from treasury by the Corporation for gross proceeds of $21,779,010 (the “Treasury Offering”) and an aggregate of 470,000 Shares were sold by the Selling Shareholders for aggregate gross proceeds to the Selling Shareholders of $6,979,500 (the “Secondary Offering”). The net proceeds of the Treasury Offering will be used by the Corporation to repay indebtedness and for general corporate purposes. The Corporation did not receive any proceeds from the sale of Shares associated with the Secondary Offering.
The 470,000 Shares sold by the Selling Shareholders under the Secondary Offering were recently acquired by the Selling Shareholders in connection with the exercise of stock options held by the Selling Shareholders under the Corporation’s stock option plan, and not the sale of Shares from their holdings of Shares before the announcement of the Offering. Prior to the announcement of the Offering, the Selling Shareholders held options to acquire a total of 1,330,000 Shares and, immediately following the completion of the Offering, the Selling Shareholders hold options to acquire a total of 810,000 Shares. For greater clarity, the Shares sold by the Selling Shareholders under the Secondary Offering were not a disposition of their Shares held prior to the announcement of the Offering.
No securities regulatory authority has either approved or disapproved of the contents of this news 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 laws, and may not be offered, sold or delivered, directly or indirectly, in 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, unless an exemption from registration is available. This news release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Corporation in any jurisdiction.
https://www.globenewswire.com/news-release/2021/11/01/2324513/0/en/Firm-Capital-Mortgage-Investment-Corporation-Completes-28-76-Million-Bought-Deal-Financing.html