Firm Capital Mortgage Investment Corporation Announces $20 Million Bought Deal Offering

Strategic Insights -

Firm Capital Mortgage Investment Corporation, a leading non-bank lender, has entered into an agreement with a syndicate of underwriters to sell 1,770,000 common shares at a price of $11.30 per share, raising $20.001 million in gross proceeds. The Corporation plans to use the net proceeds to repay indebtedness and for general corporate purposes. The offering is subject to regulatory approvals and is expected to close on or about August 8, 2024.

Key Takeaways:

  • Firm Capital Mortgage Investment Corporation has entered into a bought deal agreement to sell 1,770,000 common shares at $11.30 per share, raising $20.001 million in gross proceeds.
  • The net proceeds of the offering will be used to repay indebtedness and for general corporate purposes.
  • The Corporation has granted the underwriters an over-allotment option to purchase up to 265,500 Shares at the Issue Price exercisable until 30 days following the closing of the Offering.
  • The base shelf prospectus and prospectus supplement are accessible on SEDAR+ within two business days of the announcement date.
  • The offering is subject to regulatory approvals and is expected to close on or about August 8, 2024.
  • Firm Capital Mortgage Investment 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.

Statistics:

  • Gross proceeds of the offering: $20,001,000
  • Issue Price: $11.30 per share
  • Number of common shares to be sold: 1,770,000
  • Over-allotment option to purchase up to: 265,500 Shares
  • Expected closing date: On or about August 8, 2024

Sources:

  • GlobeNewswire - Firm Capital Mortgage Investment Corporation Announces $20 Million Bought Deal Offering
  • SEDAR+ - Firm Capital Mortgage Investment Corporation - Prospectus Supplement and Base Shelf Prospectus
  • Firm Capital Mortgage Investment Corporation - Current Annual Information Form under "Risk Factors"