Firm Capital Mortgage Investment Corporation closes $26.5 million bought deal financing

June 27, 2017

On June 27, 2017, Firm Capital Mortgage Investment Corporation (the “Corporation”) (TSX: FC) announced that it had closed its previously announced bought deal prospectus offering of $26,500,000 aggregate principal amount of 5.30% convertible unsecured subordinated debentures of the Corporation due August 31, 2024 at a price of $1,000 per debenture. Each debenture is convertible into common shares of the Corporation at the option of the holder at a conversion price of $15.25 per common share. The debentures are listed and posted for trading on the Toronto Stock Exchange under the symbol FC.DB.H.

The offering was underwritten by a syndicate of underwriters that was co-led by TD Securities Inc. and CIBC Capital Markets, and which included Scotia Capital Inc., Canaccord Genuity Corp., National Bank Financial Inc., RBC Dominion Securities Inc., Desjardins Securities Inc., GMP Securities L.P., Industrial Alliance Securities Inc. and Echelon Wealth Partners Inc. The Corporation has granted the underwriters an over-allotment option, exercisable in whole or in part, at any time up to 30 days after the closing of the offering to purchase up to an additional $3,975,000 aggregate principal amount of Debentures.

The Corporation, through its mortgage banker, Firm Capital Corporation, is a non-bank lender providing residential and commercial short-term bridge and conventional real estate financing, including construction, mezzanine and equity investments.

Miller Thomson advised the Corporation with respect to this financing with a team that included Lawrence Wilder, Tom Koutoulakis, Jonathan Tong and Gary Volman (corporate/securities).