Firm Capital Mortgage Investment Corporation closes $22,500,000 bought deal financing

About this update from Firm Capital Mortgage Investment Corporation

[{"type":"text","content":"\n\n\n\nFirm Capital Mortgage Investment Corporation closes $22,500,000 bought deal financing\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Dec. 21, 2016\n\n\n\n/NOT FOR DISTRIBUTION OVER U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/\n\n\n\nTORONTO, Dec. 21, 2016 /CNW/ - Firm Capital Mortgage Investment Corporation (the \"Corporation\") (TSX: FC) is pleased to announce that it has closed its previously announced bought deal prospectus offering of $22,500,000 aggregate principal amount of 5.20% convertible unsecured subordinated debentures of the Corporation (the \"Debentures\") due December 31, 2023 at a price of $1,000 per Debenture. Each Debenture is convertible into common shares of the Corporation at the option of the holder at a conversion price of $15.25 per common share (or approximately 65.5738 common shares per $1,000 principal amount of Debentures). The Debentures are listed and posted for trading on the TSX under the symbol FC.DB.G. \n\nThe offering was underwritten by a syndicate of underwriters co-led by CIBC Capital Markets and TD Securities Inc. and which included Scotia Capital Inc., Canaccord Genuity Corp., Echelon Wealth Partners Inc., GMP Securities L.P., Desjardins Securities Inc. and Dundee Securities Ltd. (collectively, the \"Underwriters\"). The Corporation has also granted the Underwriters an over-allotment option, exercisable in whole or in part, at any time up to 30 days after the closing of the offering to purchase up to an additional $3,375,000 aggregate principal amount of Debentures.\n\nThe net proceeds of the offering are intended to be used to repay bank and other debt, including the redemption of certain of the Corporation's outstanding debentures maturing in 2017, to fund new investments and for general corporate purposes.\n\nThis press release shall not constitute an offer to sell or solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities will not be and have not...

More updates from Firm Capital Mortgage Investment Corporation