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Firm Capital Property Trust Announces Closing of Final Tranche of Previously Announced Concurrent Private Placement
Firm Capital Property Trust Announces Closing of Final Tranche of Previously Announced Con...
About this update from Firm Capital Property Trust
[{"type":"text","content":"\n\n\n\nFirm Capital Property Trust Announces Closing of Final Tranche of Previously Announced Concurrent Private Placement\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, May 1, 2019\n\n\n\n/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./\n TORONTO, May 1, 2019 /CNW/ - Firm Capital Property Trust (\"FCPT\" or the \"Trust\"), (TSX-V: FCD.UN) is pleased to announce that it has closed the final tranche of its previously announced non-brokered private placement (the \"Concurrent Private Placement\"). Pursuant to this final tranche, the Trust closed on 156,250 Trust Units (\"Units\") for gross proceeds of approximately $1.0 million for a combined offering of 2,696,252 Units and gross proceeds of approximately $17.3 million from both tranches.\nThe first tranche of the Concurrent Private Placement was completed concurrently with the Trust's previously announced fully marketed offering (the \"Offering\") of 4,100,000 Units at a price of $6.40 per Unit (the \"Offering Price\"), for aggregate gross proceeds of $26.2 million. Subsequent to the closing of the Offering, the Trust issued 321,145 additional Units for gross proceeds of $2.1 million, pursuant to the exercise of an over-allotment option granted in connection with the Offering. \nThe Trust intends to use the net proceeds of the Offering and the Concurrent Private Placement to fund the cash portion of the purchase price of the acquisition from First Capital Realty Inc., as previously announced on April 3, 2019, and for working capital and general trust purposes.\nPursuant to applicable Canadian securities laws, all securities issued pursuant to the initial and final tranches of the Concurrent Private Placement are subject to, among other things, a statutory hold period of four months and one day, which expires on August 25, 2019 and September 2, 2019, respectively. \nABOUT FIRM CAPITAL PROPERTY TRUST\nFirm Capital Property Trust is f...