TORONTO, Sept. 2 /CNW/ - Firm Capital Mortgage Investment Trust (the "Trust") (TSX:FC.UN) announced today that it has completed its previously announced sale, on a private placement basis, of 724,120 trust units of the Trust at a price of $10.25 per trust unit, for total gross proceeds of approximately $7.4 million.
It is anticipated that the proceeds from the offering will initially be used for recently announced investment and ongoing investment commitments.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
The Trust, through its Mortgage Banker, Firm Capital Corporation, is a non-bank lender providing residential and commercial short-term bridge and conventional real estate finance, including mezzanine and equity investments. The Trust's investment objective is the preservation of Unitholders' equity, while providing Unitholders with a stable stream of monthly distributions from investments. The Trust achieves its investment objectives by pursuing a strategy of growth through investments in selected niche markets that are under-serviced by large lending institutions.