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TIMIA Announces $10 million in Subscription Agreements for Second Limited Partnership
TIMIA Announces $10 million in Subscription Agreements for Second Limited Partnership ...
About this update from Montfort Capital Corp
[{"type":"text","content":"\n\n\n\nTIMIA Announces $10 million in Subscription Agreements for Second Limited Partnership\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\nVANCOUVER, BC, July 16, 2020\n\n\n\n~Accessing non-dilutive capital for its fintech platform and recurring revenue financing model~\n VANCOUVER, BC, July 16, 2020 /CNW/ - TIMIA Capital Corporation (\"TIMIA\" or the \"Company\") (TSXV: TCA) (OTC: TIMCF) today announced that it has received approximately $10 million (US$7.5 million) in subscription agreements towards the second Limited Partnership (\"LP2\"). The Company expects to complete the first closing on or before July 21, 2020. All funds are in Canadian dollars unless otherwise stated.\nLP2 will build on the successful closing of the first limited partnership (\"LP\") in 2019 which raised $18 million. Upon completion of customary closing conditions for LP2, TIMIA will have approximately $10 million of new capital to invest in software-as-a-service (\"SaaS\") companies in North America as its assets under management (\"AuM\") increases 34% from approximately $29 million to $39 million. Similar to the first LP announced in 2019, management expects to have further closing in LP2, which will further increase AuM over the next 12 months.\n\"Our increased AuM and related investment capacity provides the resources for us to drive additional investments, revenue, and ultimately reach our goal of profitability,\" said Mike Walkinshaw, CEO of TIMIA. \"The LP structure provides the scalability to our non-dilutive capital acquisition strategy and allows us to continue investing in exciting SaaS companies through our fintech platform. I look forward to providing you with an update on additional investments in existing or new portfolio companies as they arise.\"\n\"TIMIA's existing portfolio continues to see stability through the COVID downturn, making this a robust asset class to lend to. As funding from traditional banks, venture capital and private equity funds is pulled back in light of the pandemic, Timia is s...