Firm Capital Mortgage Investment Trust Announces Rights Offering for Benefit of Unitholders

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[{"type":"text","content":"\n\n\n\nRights Offering Provides Opportunity for Unitholders to Purchase\n\n\nAdditional Units, including from Funds Held In RRSPs.\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN\n\n\nTHE UNITED STATES/\n\n\nTORONTO, March 11 /CNW/ - Firm Capital Mortgage Investment Trust ("Firm\nCapital" or the "Trust") (TSX: FC.UN) announced today that all applicable\nsecurities regulatory clearances have been obtained in order for the Trust to\nfile a circular for a rights offering (the "Offering") to raise maximum gross\nproceeds of $12,772,915. The Offering provides the Trust's Unitholders with\nthe opportunity to purchase additional Units.\n\n\nOFFERING RATIONALE:\n\n\n-------------------\n\n\nThe Trust, having a large retail base of Unitholders, felt that this\nwould be the ideal time for its existing Unitholders to have the opportunity\nto purchase additional Units, in a cost effective, non dilutive manner.\n\n\nRRSP SEASON:\n\n\n------------\n\n\nThe Trust believes that a Rights offering is ideal at the current time as\nit provides an opportunity for its Unitholders, many of whom are believed to\nhave recently contributed capital to RRSP accounts, to invest these funds in\nthe Trust.\n\n\nOFFERING SUMMARY:\n\n\n-----------------\n\n\nEach holder of Firm Capital's trust units ("Units") as of the close of\nbusiness on March 20, 2008 (the "Record Date") will be issued one right (a\n"Right") for each Unit held. Ten Rights, together with $10.10 (the "Exercise\nPrice"), will entitle a Rightsholder to subscribe for one Unit at or before\n4:00 pm (Toronto time) on May 1, 2008 (the "Expiry Time"). The Exercise Price\nrepresents a discount to the simple average of the closing price of the Units\non each of the twenty trading days prior to the announcement of the Offering.\nRights not exercised at or before the Expiry Time will be void and will have\nno value. Rightsholders will be entitled to subscribe for additional Units, if\navailable, at the Exercise Price per Unit (the "Additional Subscription\nPrivilege"). It is anticipated that, on or about March 25, 2008, a rights\noffering circular will be mailed to each holder of Units as of the close of\nbusiness on the Record Date. Rights will be evidenced by fully transferable\ncert...

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