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TIMIA Announces Successful Exit from FormHero Financing
TIMIA Announces Successful Exit from FormHero Financing Canada NewsWire VAN...
About this update from Montfort Capital Corp
[{"type":"text","content":"TIMIA-FormHeroFinance\n \n \n \n TIMIA Announces Successful Exit from FormHero Financing\n \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 Canada NewsWire\n \n \n VANCOUVER, BC, Oct. 6, 2020\n \n \n \n \n \n \n ~Year to date gains total\n \n $1.4M\n \n on five exits, after including the\n \n $350,000\n \n gain from this facility~\n \n \n \n \n \n VANCOUVER, BC\n \n ,\n \n Oct. 6, 2020\n \n /CNW/ - TIMIA Capital Corporation (\"TIMIA\" or the \"Company\") (TSXV: TCA) (OTC: TIMCF) announced today that its financing facility for FormHero Inc. (\"FormHero\"), of\n \n Toronto, Ontario\n \n has been paid out. Originally announced in\n \n October 2018\n \n , the FormHero facility has paid TIMIA\n \n $1.75 million\n \n , in a combination of return of principal and interest payments over the term of its facility. The buyout of this financing is expected to generate a gain of approximately\n \n $350,000\n \n which will positively impact the Company's Q4 2020 consolidated results.  After including this gain, the investment in Formhero has generated an internal rate of return of > 30% after inclusion of the buyout gain.\n \n \n Of the\n \n $1.4 million\n \n in total gains on a year-to-date basis, approximately\n \n $570,000\n \n is attributable to common shareholders, or approximately\n \n $0.01\n \n per share, related to these gains alone.  The gains attributable to common shareholders is based upon the portions of these loans held directly by Timia,  portions of these loans held by Timia indirectly through its Limited Partnerships (\"LP\"), and the share of profit earned by Timia under the terms of the LP Agreement.\n \n \n \"FormHero is the fifth exit for TIMIA in fiscal 2020 and another indication of the robust marketplace for SaaS companies and their growth potential,\" said\n \n Mike Walkinshaw\n \n , CEO of TIMIA. \"The software sector has remained relatively strong this year, despite the economic implications of the COVID-19 pandemic.  This has resulted in continued strong financing activity in our target ...