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Firm Capital Mortgage Investment Corporation Announces Bought Deal Public Offering of Common Shares

Strategic Insights

— 1 min read

Firm Capital Mortgage Investment Corporation has announced a bought deal public offering of 1,770,000 common shares at a price of $11.30 per share, with gross proceeds of $20,001,000. The Corporation has also granted an over-allotment option to purchase up to 265,500 additional shares at the issue price. The net proceeds of the offering will be used to repay indebtedness and for general corporate purposes.

Key Takeaways:

  • The bought deal public offering involves the sale of 1,770,000 common shares of Firm Capital Mortgage Investment Corporation at a price of $11.30 per share, for gross proceeds of $20,001,000.
  • The Corporation has also granted an over-allotment option to purchase up to 265,500 additional shares at the issue price, exercisable until 30 days following the closing of the Offering.
  • The net proceeds of the Offering will be used to repay indebtedness and for general corporate purposes.
  • The Prospectus Supplement and Base Shelf Prospectus will be filed on SEDAR+ within two business days of the date of the Prospectus.
  • 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's current Annual Information Form, available on SEDAR+, contains detailed information about the Corporation's business, including those described in "Risk Factors".
  • The forward-looking statements contained in this news release reflect management's current beliefs and are based on information currently available to management.

Statistics:

  • 1,770,000 common shares to be sold at $11.30 per share
  • Gross proceeds of $20,001,000
  • Over-allotment option of up to 265,500 additional shares at $11.30 per share
  • Span of the over-allotment option: 30 days following the closing of the Offering
  • Target closing date of the Offering: August 8, 2024
  • Prospectus Supplement and Base Shelf Prospectus to be filed on SEDAR+: within two business days of the date of the Prospectus

Sources:

  • GlobeNewswire, "Firm Capital Mortgage Investment Corporation Announces Bought Deal Public Offering of Common Shares" (July 31, 2024)
  • SEDAR+: (Base Shelf Prospectus and Prospectus Supplement)

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