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Firm Capital Property Trust announces increased size of previously announced non-brokered private placement from $ 8.0 million to $10.0 million due to strong demand
TORONTO , Nov. 3, 2014 /CNW/ - Firm Capital Property Trust (" FCPT " or the " Trust ") (T...
About this update from Firm Capital Property Trust
[{"type":"text","content":"\n\nTORONTO, Nov. 3, 2014 /CNW/ - Firm Capital Property Trust (\"FCPT\" or the \"Trust\") (TSXV : FCD.UN) is pleased to announce that due to strong demand it is increasing the size of its previously announced non-brokered private placement to up to $10,004,500 and issue up to 1,870,000 trust units at a price of $5.35 per unit (the \"Private Placement\") an increase of 370,000 trust units.  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.  The Private Placement is expected to close on November 12, 2014.  \n\nOn October 20, 2014, the Trust announced that its Board of Trustees approved an 8.1% increase in its monthly distributions to $0.033333 per unit from $0.030833 per unit. On an annualized basis this equates to distributions of $0.40 per unit up from $0.37 per unit, yielding 7.5% based on the $5.35 issue price under the terms of the Private Placement. \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\n\nThe 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 10% of the issued and outstanding trust units of the Trust.\n\n\n\n\nABOUT FIRM CAPITAL PROPERTY TRUST\n\nFirm Capital Property Trust is focused on creating long-term value for Unitholders, through capital preservation and disciplined investing to achieve stable distributable income. In partnership with management and industry leaders, The Trust plan is to co-own a diversified property portfolio of multi-residential, flex industrial...