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Financial markets

Firm Capital Mortgage Investment Corp. Closes Bought Deal Public Offering

Strategic Insights

— 1 min read

Firm Capital Mortgage Investment Corp. has successfully completed a bought deal public offering of 1,950,000 common shares at a price of $11.30 per share, raising gross proceeds of $22,035,000. The offering was led by TD Securities Inc. and CIBC Capital Markets, with additional support from a syndicate of underwriters. This move is expected to provide the corporation with significant funding, enhancing its ability to pursue future investment opportunities.

Key Takeaways:

  • The offering was led by TD Securities Inc. and CIBC Capital Markets, with a syndicate of underwriters including Canaccord Genuity Corp., National Bank Financial Inc., RBC Dominion Securities Inc., Scotia Capital Inc., Raymond James Ltd., Desjardins Securities Inc., iA Private Wealth Inc., and Ventum Financial Corp.
  • The corporation has granted the underwriters an over-allotment option to purchase up to an additional 292,500 common shares, exercisable in whole or in part at any time for a period of up to 30 days following today's closing.
  • The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, 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.
  • The offering is expected to provide Firm Capital Mortgage Investment Corp. with significant funding for future investment opportunities.
  • The issue price of $11.30 per share represents a substantial investment in the corporation, highlighting the confidence of investors in its financial prospects.

Statistics:

  • 1,950,000 common shares were issued as part of the offering, with each share priced at $11.30.
  • The offering raised gross proceeds of $22,035,000.
  • The syndicate of underwriters included a total of nine participating firms.
  • The over-allotment option allows for the purchase of up to an additional 292,500 common shares, bringing the total potential issuance to 2,242,500 shares.

Sources:

  • Firm Capital Mortgage Investment Corp.
  • TD Securities Inc.
  • CIBC Capital Markets
  • Canaccord Genuity Corp.
  • National Bank Financial Inc.
  • RBC Dominion Securities Inc.
  • Scotia Capital Inc.
  • Raymond James Ltd.
  • Desjardins Securities Inc.
  • iA Private Wealth Inc.
  • Ventum Financial Corp.

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