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Firm Capital Property Trust announces closing of the first tranche of the private placement for gross proceeds of $6.3 million and increases the size of the offering up to $10.2 million
Firm Capital Property Trust announces closing of the first tranche of the private placemen...
About this update from Firm Capital Property Trust
[{"type":"text","content":"\n\n\n\nFirm Capital Property Trust announces closing of the first tranche of the private placement for gross proceeds of $6.3 million and increases the size of the offering up to $10.2 million\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\nFirm Capital Property Trust announces closing of the first tranche of the private placement for gross proceeds of $6.3 million and increases the size of the offering up to $10.2 million\nCanada NewsWire\nTORONTO, Aug. 3, 2016\n\n\n\nTORONTO, Aug. 3, 2016 /CNW/ - Firm Capital Property Trust (\"FCPT\" or the \"Trust\") (TSXV : FCD.UN) is pleased to announce that it has closed the first tranche a non-brokered private placement for $6.3 million and has increased the size of the offering up to $10.2 million consisting of 1,700,000 units of the Trust at a price of $6.00 per unit (the \"Private Placement\"). The Trust will pay a finder's fee of 5.0% of the gross proceeds to certain eligible persons and or dealers for subscriptions to the offering completed by qualified investors. The Trust will use the proceeds of the Private Placement to repay all or a portion of its credit facility, strengthen the Trust's balance sheet and to fund future acquisitions.\n\nFurther information about the Trust can be found by selecting the Firm Capital Property Trust link at www.firmcapital.com.\n\nDISTRIBUTION REINVESTMENT PLAN & UNIT PURCHASE PLAN The Trust has in place a Distribution Reinvestment Plan (\"DRIP\") and Unit Purchase Plan (the \"Plan\"). Under the terms of the DRIP, FCPT's Unitholders may elect to automatically reinvest all or a portion of their regular monthly distributions in additional Units, without incurring brokerage fees or commissions. Under the terms of the Plan, FCPT's Unitholders may purchase a minimum of $1,000 of Units per month and maximum purchases of up to $12,000 per annum. Management and trustees have not participated in the DRIP or Plan to date and own approximately 7% of the issued and outstanding trust units of the Trust.\n\nABOUT FIRM CAPITAL PROPERTY TRUST Firm Capital Property Trust is focused on creating long-...