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TORONTO, May 2 /CNW/ - Firm Capital Mortgage Investment Trust ("Firm Capital" or the "Trust") (TSX: FC.UN) announced the closing of its previously announced rights offering, under which each unitholder of record on March 20, 2008 received one right for each trust unit ("Unit") held. Ten rights entitled a unitholder to purchase one Unit for a price of $10.10 until 4:00 pm Toronto time on May 1, 2008. The rights offering resulted in the issuance of 439,982 Units for gross proceeds of approximately $4.4 million. As disclosed in the rights offering circular, certain members of management acquired Units having a value of approximately $1 million under the offering. TD Securities Inc. acted as dealer manager and formed a facilitating dealer group to solicit subscriptions from unitholders.